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I could have held SPXU into today, as the short-term technicals remain in overbought territory, due to yesterday’s meager drop. The McClellan Oscillator, Williams %R, and RSI, all remain overbought. However, as stated in my last post, I won’t be around to babysit my portfolio, so it was best to get out of SPXU yesterday. The futures are flat this morning, so I would recommend a daytrade of SPXU today, if you can get it in the pre-market at close to yesterday’s close ($19.35). If you are looking to pick up a quick 1% in a daytrade, SPXU is recommended today. Just be sure to be out of it by the end of the day, because I am making no guaranty as to what the technicals will look like for Monday.

Also, the longer-term technicals remain bullish. With the Fed pumping the markets until December (that is what the analysts are saying is the nearest opportunity for the Fed to consider easing QE based on the Fed’s economic analysis), it is probably safer to be fully invested now. If there are any stocks you have been watching for opportunities to buy, now is the time to buy.

The S&P 500 levels to watch today:

UPSIDE: 1725 (top of the Bollinger Bands), 1729 (2 data points and the all-time high).
LAST CLOSE: 1722.
DOWNSIDE: 1720 (September 19th’s low), 1709 (August’s high), 1704-1705 (2 data points), 1700 (September 18th’s low), 1697-1698 (September 17th’s low and July’s high), 1691 (September 16th’s low), 1687-1689 (3 data points and May’s high), 1684 (September 10th’s high), 1681-1682 (2 data points), 1678 (September 11th’s low and the 50 day moving average), 1675 (September 10th’s low), 1672 (September 9th’s high), 1669 (20 day moving average), 1664 (September 6th’s high), 1659 (September 5th’s high), 1651-1656 (4 data points and June’s high), 1640 (September 6th’s low), 1637 (September 4th’s low), 1633 (September 3rd’s low), 1627 (August’s low), 1612 (bottom of the Bollinger Bands), 1604 (July’s low), 1597 (April’s high), and 1581 (May’s low and the 200 day moving average).

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Posted September 20, 2013 by edmcgon in Daytrading, Investing, Market Analysis

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