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Sunday, July 29, 2012

Double Doji on 1 hr SPX

Current Gann cycle date is 7/31 after a turn on 7/26.   Double doji on 60 minute chart indicates market battling at resistance from 4/2 and 5/1 trendline.  Day trading strategy is to mark the high and low of friday's 1 hr double doji and trade in the direction of the break of low or high. There is support sitting at 1378/80 and 1372.  I still think there is more upside til 1393 and may extend until August 1 FOMC announcement. Next Gann Cycle dates are August 3rd and August 9th.

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