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1. Market Recap 08-24-10 Tuesday chart 1 Reasons for entry: Market had a significant move down during premarket, and was trying to bounce, slowly to the upside following an up trendline, but it didn’t have enough strength when it reached 50% retrac. area. There we had bearish divergence on 144, but it wasn’t ready for a short, as the Macds on 233, 377 were separated from the side, and 610 slightly separated from the side also, plus Bol. Bands were apart and up. The short drop broke the up-trendline and the bars bounced to test the same trendline from underneath-acting as resistance. The 61% retrac. area, also matched a resistance from the previous low of the premarket, giving a perfect Head and Shoulder bar setup S1. Another chance for entry was S2, the deep retrace from S1. 144 Macds were zigzagging on top, 233 Macds went underneath the Bol.band; 377 had another huge separation around the Midpoint area; 610 strong separation and squeezing; 987 separation; 1597 Macds finished a flag, hitting resistance at the upper B.band ; 4181 was still on the rail down, with B.bands trailing.

2. Market Recap 08-24-10 chart 2 Reasons for exit: First reasons to cover some came with 144 Macds buldging underneath and 233 had strong separation creating a snap. 377 Macds hugging the rail, need a flag, for more down, as hugging means more down; 610 was making attempt to bull flag. We are few minutes before the news time, so it is always best to cover most of position before news. The news bars were quite long, where it is best to exit the whole position.

4. Market Recap Monday 08-23-10 chart 2 Reasons for exit: We hold the trade to the area of strong resistance, where 61 ext and big 50% retracement on Large TF (time frame) are matching. 233 has bearish divergence, same with 377; 610 is creating a foot upside down, and bulge on top; 987 nice bulge on top also; 1597 on rail and very separated, where 4181 still stretched and separated; This is a nice trade at the open for 4 points move. Separation on Macds on all charts, is announcing soon change of direction, where 4181 still has little more power to the upside, but considering it is big 50% retrace on Large timeframe, this area is a strong resistance to take the profit.