Traders Corner   6 comments

Yesterday’s market action had little impact on the S&P 500 technicals, with one exception: The S&P 500 closed above the top of the Bollinger Bands. Add one more reason for a drop today. Now whether we get a large drop, a little drop, or the S&P 500 remains flat, is still anyone’s guess. But I will say with confidence we are NOT getting a large move upwards today.

The S&P 500 levels to watch today:

UPSIDE: 1698 (July’s high), and 1709 (August’s high and the all-time high).
LAST CLOSE: 1689 (September 11th’s high).
DOWNSIDE: 1688 (top of the Bollinger Bands), 1687 (May’s high), 1684 (September 10th’s high), 1678 (September 11th’s low), 1675 (September 10th’s low), 1672 (September 9th’s high), 1669 (50 day moving average), 1664 (September 6th’s high), 1659 (September 5th’s high), 1651-1656 (4 data points and June’s high and the 20 day moving average), 1640 (September 6th’s low), 1637 (September 4th’s low), 1633 (September 3rd’s low), 1627 (August’s low), 1621 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), 1581 (May’s low), and 1572 (March’s high and the 200 day moving average).

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Posted September 12, 2013 by edmcgon in Daytrading, Investing, Market Analysis

6 responses to “Traders Corner

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  1. Been awhile for me as I was extremely busy the last few months. Did not do much trading at all and did not visit the board much so I hope I didnt miss a lot. I’ll have an update on my FB position, and a few other positions I think i’ve posted here. Also I have been buying INTC calls this week. Today I’m targeting Nov24calls, so far purchased at .29 and looking to add if they drop to .27 or lower the next couple days.

  2. I doubled SPXU at $20.56, lowering my dollar cost average to $20.67. I will sell the entire amount at $20.88 today, or carry it into tomorrow.

  3. I sold half my SPXU position at $20.79, and a 0.58% profit. I should note that “half” position was about a third of my portfolio.

    I will sell the rest at $20.98, or best price before the end of today.

  4. I sold the last of my SPXU at $20.78, and a 0.53% profit. Not as nice as I would have liked, but considering the size of the principal involved, I am happy with it.

    I don’t expect the technicals to be quite as inviting tomorrow. However, a few up days could bring us right back here again.

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