spx

long with sl of 1151 tgt 1 1175, tgt 2 1195.

sensex

sensex is at and near the point of maximum resistance .
next 2-3 trading days should be interesting.
two possibilities emerge:
increased volatility and near 16800. or
straight upmove.

since index consolidated at 17000-17200 before an upmove lets see what eventually happens.

sp500

new highs as expected have materialised.
i expect move to 1250 in time to come.
further the market has not shown a topping action , so its unlikely that it will breakdown significantly soon.euro is about 1.38 and spx is at a new recent high which implies either spx is lagging euro if euro has broken down or spx is leading and euro has bottomed and will slowly head higher till it spikes up.
i am obviously favoring spx as leading for time being.

index trading

and here's one from one : for next 4 odd years , trading the indices esp spx will be extremely extremely difficult.market should ideally bankrupt most of the stand alone positional index traders .
trade stocks.

spx lows

am i glad to see that GN's official wave count in trading updates is that mar 09 lows cannot be broken.

trap

taleb said that it doesnt matter what we think we know. what really matters is what we actually know.as a technical trader, i have trouble making sense out of one spx chart using a couple of means of analysis and in general we all want to dissect,commment, understand and be an authority on american/ their respective countries economies,oil, currency etc.the need to be a fundamentalist and understand everybit of information for capturing 3-4% moves on spx/equity indices is really the biggest trap for a technical trader.

no mans land

based on budget day price action, market closed on a no mans land zone, which means that budget was a non event and market will start tracking global equity and currency movements.

i do expect some weakness tomorrow.