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Ascending Channel

The Major Resistances of 1276 for SnP500 and 11,750  for Dow Jones (approximately) kicked in today with strenght.

However, victory for the shorts is still far from assured:



I bought some SSO at the channel breakdown re-entry this afternoon as an intrepid trade but with very tight stop loss using today's LOD (Low Of Day) as the maximum allowable loss provision.  

IF the ascending channel proved to be a Running Correction, then SnP500 will break above 1276 with considerable force.

I bought a few SDS (at the top of the Spx channel) yesterday as a hedge for a portion of my portfolio long positions with stops loss now at a little above  break-even entries.

For those not well versed with this type of trade, be very careful and never trade without any stop loss provision since this type of slow higher highs higher lows pattern is similar to a tightly wound spring that can suddenly sprang any time (with considerable force) once the tension has been released.