Traders Corner   Leave a comment

S&P 500 futures are up strong this morning, as rumors swirl about a thaw in debt ceiling negotiations. Be careful with this, because it will only take Boehner or Obama saying something mean or “there’s been no progress” or something similar to send the markets back down. We are entering the news-driven mode of the markets, and the McClellan Oscillator hopped back into neutral yesterday, so we won’t get a technically-driven market yet.

The S&P 500 levels to watch today:

UPSIDE: 1657 (bottom of the Bollinger Bands), 1662 (October 9th’s high), 1670 (October 3rd’s low), 1674 (October 7th’s low), 1676 (October 8th’s high), 1678 (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 1726 (top of the Bollinger Bands).
LAST CLOSE: 1656.
DOWNSIDE: 1654-1655 (October 8th’s low and June’s high), 1646 (October 9th’s low), 1627 (August’s low), and 1599 (200 day moving average).

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