Traders Corner   Leave a comment

Yesterday was the 3rd day in a row, and the 4th out of the last 6, where the S&P 500 closed at 1685. On the bright side, the S&P just barely missed setting a new all-time high by 35 cents.

Some interesting things I noticed about the S&P 500 in July:
1. The last 10 trading days of July all had highs in the 1690’s. However, only 4 of the 10 had closing prices in the 1690’s.
2. July’s highest volume came yesterday, with over 3.8 million shares traded. There were 5 trading days in June with greater volume.

If August is anything like the end of July, expect a low volume melt up.

The S&P 500 levels to watch today:

UPSIDE: 1689 (10 day moving average), 1690-1693 (8 data points), 1697-1698 (4 data points, July’s high, and the all-time high), and 1718 (top of the Bollinger Bands).
DOWNSIDE: 1680-1684 (11 data points), 1676-1677 (4 data points), 1674 (20 day moving average), 1654 (June’s high), 1646 (50 day moving average), 1629 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), 1536 (April’s low), and 1534 (200 day moving average).


Posted August 1, 2013 by edmcgon in Daytrading, Investing, Market Analysis

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