I wish 1100!
I would guess that 1115-1120 is formidable support. I think this is the number we have to watch. I'll be watching this level.
The S&P has topped at 1150
- Thread starter James Stock
- Start date
I wish 1100!
I would guess that 1115-1120 is formidable support. I think this is the number we have to watch. I'll be watching this level.
Yes 1120 is another area. We - as of yet - did not even get close to this number. The market bounce on the sell the news reaction to cisco was not very pronounced and appeared to be primarily a rotation move with issues with weak undepinnings being dumped in favor of more reliable sector leaders.
Unless we something quite a bit lower than 1126 I would be less inclined to agree with much of a move lower.
It may take some patience.
Spreadem, I'm not that big of an S&P trader since I tend so concentrate more on the T-Bonds. But I had a pretty good feel for the S&P this week, so I put a decent position on, 5 of the full contracts.
I think that a "measured-move" can take us down to 1108 if the lows at 1122.00-120.75 in the March S&P don't hold.
Best of Luck!
I think that a "measured-move" can take us down to 1108 if the lows at 1122.00-120.75 in the March S&P don't hold.
Best of Luck!
Quote from waggie945:
Spreadem, I'm not that big of an S&P trader since I tend so concentrate more on the T-Bonds. But I had a pretty good feel for the S&P this week, so I put a decent position on, 5 of the full contracts.
I think that a "measured-move" can take us down to 1108 if the lows at 1122.00-120.75 in the March S&P don't hold.
Best of Luck!
I have been bearish for the longest time. Now I am bullish. So I should probably start selling. But then if I do, am I bullish or bearish?
Whatever it is, I don't believe it would be a easy trade one way or the other. I believe in a fustrating market.
Wags,
You're too modest! 5 of the FULL S&Ps = 25 ES. That's pretty substantial for a position trade, by my standards.
(Now you scalpers, don't jump all over me; I'm not talking about a 1 or 2 tick play. Hold 25 ES for a few DAYS or a week, and it'll put hair on your chest.)
Good luck with that one.
sax
First off, thanks so much for your kind words.
Secondly, I noticed a 61.8% retracement being made in the SPX up off the low from January 29th at 1122.38 This retracement came in at roughly 1142.75 and appeared to provide very good resistance and a great place to use as a stop for a short-position keying on a weak close yesterday.
Should today's lows break on Thursday, I would have to target the 1109.00 level as a classic "measured-move" where the first leg down (A) = the second leg down (C) from the high of (B) at 1142.58
Again, thanks for the props Saxon!
Secondly, I noticed a 61.8% retracement being made in the SPX up off the low from January 29th at 1122.38 This retracement came in at roughly 1142.75 and appeared to provide very good resistance and a great place to use as a stop for a short-position keying on a weak close yesterday.
Should today's lows break on Thursday, I would have to target the 1109.00 level as a classic "measured-move" where the first leg down (A) = the second leg down (C) from the high of (B) at 1142.58
Again, thanks for the props Saxon!