Traders Corner   2 comments

Looking at the charts and technicals, it looks like we are about to get a major move sometime within the next month or so. The Bollinger Bands are contracting, which usually happens before a major move. Truth be told, it looks like the markets are setting up for a move to correspond with whatever the Federal Reserve does at the end of September.

However, in the short-term, we are getting close to a small pop upward. Oversold conditions are starting to become more likely on a few of the indicators, specifically the McClellan Oscillator (currently at -40, with oversold at -60) and the Williams %R (currently at -36, needing to reach -80 for oversold). I suspect this will take at least 2 days for these indicators to both reach oversold territory. With futures pointing down this morning, it looks like the set-up is happening.

The S&P 500 levels to watch today:

UPSIDE: 1698 (July’s high), 1700 (August 2nd’s low), 1703 (August 5th’s low), 1705 (August 6th’s high), 1707 (August 1st’s high), 1709 (2 data points and the all-time high), 1713 (top of the Bollinger Bands).
LAST CLOSE: 1697.
DOWNSIDE: 1694 (10 day moving average), 1689-1693 (10 data points), 1688 (20 day moving average), 1663 (bottom of the Bollinger Bands), 1654 (June’s high), 1650 (50 day moving average), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), 1572 (March’s high), 1560 (June’s low), and 1539 (200 day moving average).

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Posted August 7, 2013 by edmcgon in Daytrading, Investing, Market Analysis

2 responses to “Traders Corner

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  1. Sure would like to know if any of y’all have a smart phone with data and text but don’t have a signed contract?? If this applies to you, which company or provider are you using??

    Thanks a bunch…
    STL

  2. It is nice to see that the state is going to get their fair share.”It’s agreed to put a 25 percent excise tax on marijuana at three stages; the grower, the seller and the buyer. In addition, the buyer will have to pay the state sales tax”

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