Traders Corner   5 comments

Yesterday was the 6th day of sideways trading on the S&P 500, all ofit moving around the 50 day moving average. Even with earnings season beginning today, the markets will be concentrating more on Washington rumors. A positive rumor from DC will outweigh negative earnings news.

The technicals are still mostly neutral, although the Williams %R was back in oversold territory after yesterday’s downward move. Just remember, the Williams %R is only a confirming technical, and I wouldn’t trade based on it alone.

The S&P 500 levels to watch today:

UPSIDE: 1679 (50 day moving average), 1680-1682 (2 data points), 1687 (October 7th’s high and May’s high), 1691-1696 (4 data points and the 20 day moving average), 1698 (July’s high), 1709 (August’s high), and 1720 (top of the Bollinger Bands).
LAST CLOSE: 1676.
DOWNSIDE: 1674 (October 7th’s low), 1670 (October 3rd’s low), and 1669 (bottom of the Bollinger Bands).

Advertisements

Posted October 8, 2013 by edmcgon in Daytrading, Investing, Market Analysis

5 responses to “Traders Corner

Subscribe to comments with RSS.

  1. Wow! The social media stocks are getting killed. They were probably due for a pull back after a pretty nice run.

  2. Everything is on sale! Sea of RED! Any buyers out there?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: