Traders Corner   3 comments

Looking at the technicals, I see one of two possibilities: Either we are setting up for a big upside pop, or this is the beginning of a longer downward trend. I suspect tommorrow’s Federal Reserve announcement will give us the answer between the two choices.

The S&P 500 levels to watch today:

UPSIDE: 1687 (10 day moving average), 1690-1693 (7 data points), 1697-1698 (3 data points and the all-time high), and 1723 (top of the Bollinger Bands).
LAST CLOSE: 1685.
DOWNSIDE: 1680-1684 (9 data points), 1676-1677 (4 data points), 1671-1672 (2 data points), 1666 (20 day moving average), 1657 (2 data points), 1654 (July 9th’s high and June’s high), 1647 (July 10th’s low), 1645 (50 day moving average), 1644 (July 8th’s high), 1642 (July 9th’s low), 1634 (July 8th’s low), 1632 (July 5th’s high), 1622-1626 (9 data points), 1618 (July 3rd’s high), 1614 (July 5th’s low), 1606-1610 (2 data points and the bottom of the Bollinger Bands), 1604 (July 3rd’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), and 1531 (200 day moving average).

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Posted July 30, 2013 by edmcgon in Daytrading, Investing, Market Analysis

3 responses to “Traders Corner

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  1. Does anyone expect them to say anything different? How the markets react to same old story, who knows?

  2. Trader – you are correct. I think Bernanke and the Fed have pretty clearly signaled their intentions. They have a clear path they plan to take. They are even giving themselves an escape hatch by have B.B. step down. If the plan they have signaled looks like it will not work, they have a scapegoat all ready to go and they can change directions.

  3. As we saw in June, when the market interprets the Fed differently than the Fed intended, bad things can happen.

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