Traders Corner   12 comments

Huh? We hit an all-time high yesterday, and S&P 500 futures are up this morning? Considering we have closed at or within a point of the daily high for 5 of the last 6 trading days, it does seem a little bit much to expect another big run-up today. Add in the fact the S&P 500 closed above the Bollinger Bands yesterday, and I would say a flat day is in order, at best. However, there are still some lagging technicals which haven’t reached overbought territory yet, including the McClellan Oscillator and RSI. We still have room to run, and no apparent upside resistance. But I would be careful buying now, because we are nearing a technical reversal point.

The S&P 500 levels to watch today:

UPSIDE: none.
LAST CLOSE: 1733 (October 17th’s high and the all-time high).
DOWNSIDE: 1730 (top of the Bollinger Bands), 1729 (September’s high), 1721 (October 16th’s high), 1714 (October 17th’s low), 1711 (2 data points), 1709 (August’s high), 1703 (October 11th’s high), 1700 (October 16th’s low), 1698 (July’s high), 1691-1696 (7 data points and the 20 day moving average), 1687-1688 (2 data points and May’s high), 1680-1682 (2 data points), 1679 (50 day moving average), 1676 (October 8th’s high), 1674 (October 7th’s low), 1670 (October 3rd’s low), 1662 (October 9th’s high), 1660 (October 10th’s low), 1657 (bottom of the Bollinger Bands), 1654-1655 (October 8th’s low and June’s high), and 1646 (October 9th’s low).

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Posted October 18, 2013 by edmcgon in Daytrading, Investing, Market Analysis

12 responses to “Traders Corner

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  1. I bought IPO vjet this morning as a trade at 22.09

  2. Market going nuts. Goog and Chipotle both up over 12%, Goog over a 1000.

  3. For those of you who are interested in IPO’s, there is a new etf that started trading on Wednesday. IPO is the symbol.

  4. Now that we made it over the 1740 area that opens up the 1760 wave 5 top. Wave 5 range is 1760 to 1825. Oil is still in wave 4. I didn’t look at the chart to close but oil could make a run back to the 108 area before wave 5 completes. Drop below 96 I think opens the door for lower lows.
    All this adds up with Bernanke and his printing press, guess he has a few more weeks.

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