A Daily Swing Trade

The down trend that started back in May and has taken us all the way from 1677 to 1446 is almost undone now. Friday's high was 1666, which is only 11 points away. It is very rare that the market gives back a whole trend like this in one shot. Most trends bounce back 38%, 50% or 62%, but very rarely do they bounce 100%. I would say that the market will break out of this channel to the down side for some profit taking. We actually completed a double top on Friday, which shows short term weakness...