Charts I’m Watching: Oct 30, 2013

SPX poked up past our 1770.97 target in the last 3 minutes of trading yesterday.

While, the e-minis reached our 1767.63 target around 3:59:30.  It’s clinging to a 1.5 pt gain at the moment.  Can it hold?

There are two ways to play a leak past a natural turning point:

  1. dig your heels in, argue that it shouldn’t go higher and short like crazy;
  2. listen to what the market is saying and play along (with trailing stops in case it’s a trap.)

Those who have followed this site for any length of time know how I feel about such things.

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