There will be no new additions to the watchlist today. Its Friday which has been a slow day in general. Let’s let this “oversold” market have another day to show its hand and over the weekend we can put in some time to come up with some good setups for next week. All current Trade Setups remain in play.
I want to show you a chart from a friend of mine, George Zimmerman. George has a site which can be seen here as well as a chat room on Paltalk. George is an expert on using Andrew’s Pitchforks as part of his technical analysis. If you don’t know Andrew’s Pitchforks, maybe you should take a look. If used correctly they can add another dimension to your analysis giving you price and time targets. Below is a chart George put together of the SPX daily about a weeek ago. It has an SPX price target and a time target. Well, yesterday the SPX overshot that price target by 1 penny although it was a day early. This may or may not be the bounce point but I have seen George do this time and time again and the success rate of these time and price projections is more than impressive. Have a good trading day and a very nice weekend!