Traders Corner   2 comments

The P&F chart for the S&P 500 is still bearish, with a 1480 long-term target. Until the S&P breaks the 50 day moving average, and closes above it, we will at least be range-bound. Fortunately, the 1606-1610 range has provided good support for 3 of the last 4 days.

However, futures are down sharply this morning, with S&P 500 September futures now pointing to 1597, which indicates a drop of 0.60%.

We may see a market reaction to the three U.S. job reports due this morning: the Challenger Job-cuts report, the ADP Employment report, and the weekly Jobless Claims. The last one will be out at 8:30 am EST, so we should be able to see any market reactions long before the markets open today. Even then, the market reactions could be completely off-base, especially if traders are weighting other factors higher.

The S&P 500 levels to watch today:

UPSIDE: 1615 (June 28th’s high), 1616 (20 day moving average), 1620 (June 27th’s high), 1622-1626 (9 data points and the 50 day moving average), 1654 (June’s high), and 1657 (top of the Bollinger Bands).
DOWNSIDE: 1606-1610 (7 data points), 1602 (10 day moving average), 1601 (June 28th’s low), 1597-1599 (3 data points, including April’s high), 1581 (May’s low), 1575 (bottom of the Bollinger Bands), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), 1530 (February’s high), and 1512 (200 day moving average).


Posted July 3, 2013 by edmcgon in Daytrading, Economy, Investing, Market Analysis

2 responses to “Traders Corner

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  1. Oil seems to be making a steady climb, currently $101.14.

  2. Just got back from the lake. Thank God the markets, economy and society in general survived my absence. If not, I would happily go back to my pontoon boat on Crane Lake MN.

    Happy 4th to all.

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