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S&P At A Glance

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December 07, 2010 – Comments (2) | RELATED TICKERS: SPY

Its been a weird day to say the least, the market has shown little incentive to rally after its impressive open, instead it is doing anything it can in its power to push below the 1227 level on the S&P. So far it is holding the level, but with the end of day trading now in full swing, I'm not going to rule anything out from the realm of possibilities. I do think it is worth noting that we broke out of a nicely formed wedge on the S&P e-mini futures, which is definitely a positive catalyst for the markets, but if we close below 1227, then all bets are off.

Here's my S&P Intra-day Chart Analysis

2 Comments – Post Your Own

#1) On December 07, 2010 at 5:41 PM, FreethinkerKW (63.06) wrote:

I'm looking at 1220 on the futures at 5:38 PM. 

I just mentioned in a reply to someone else that the daily chart for the S&P 500 showed a "shooting star" Japanese candlestick at the market close . . . and this was also a "double top".

 I still have two longs with two stop/losses, but I've gone short the market with TZA and might add to that tomorrow.

Using very tight stop/losses on all trades at this moment until we see which way we break. Do you buy and sell the futures? 

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#2) On December 07, 2010 at 5:44 PM, FreethinkerKW (63.06) wrote:

Whoops, wrong chart. Yes, it did have a shooting star, and no, it was not a double top. Still, that black shooting star signals a pretty decent odds that we will see continuation of trend reversal tomorrow or Thursday.

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