Traders Corner   2 comments

Today should be a day for the bears. Here is why:

1. S&P 500 futures are down early, almost 0.6%.
2. The McClellan Oscillator is firmly overbought, at 64.55.
3. Williams %R is entering it’s 6th day in overbought territory.

The RSI is the only technical not flashing overbought, although it is pretty close at 68 (70 is overbought).

However, the only reason I am not buying SPXU today is because of the futures. When they are already down in the pre-market, it doesn’t leave much room for profit on a short position. If the markets move into positive territory at some point today, I might consider it.

The S&P 500 levels to watch today:

UPSIDE: 1759 (October 22nd’s high and the all-time high).
LAST CLOSE: 1754.
DOWNSIDE: 1753 (top of the Bollinger Bands), 1745-1747 (3 data points), 1740 (October 21st’s low), 1735 (October 18th’s low), 1733 (October 17th’s high), 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 and the 20 day moving average), 1698 (July’s high), 1691-1696 (7 data points), 1687-1688 (2 data points and May’s high), 1680-1682 (2 data points and the 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), 1654-1655 (October 8th’s low and June’s high), 1647 (bottom of the Bollinger Bands), and 1646 (October 9th’s low).

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Posted October 23, 2013 by edmcgon in Daytrading, Investing, Market Analysis

2 responses to “Traders Corner

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  1. must be nice to be Carl Icahn. You buy a stock cheaply. The stock gets a halo effect as “Carl Icahn is buying it” and it goes up. You can then badger management to make changes, which may or may not be in best interest long term, but are short term favorable and then you sell.

  2. All it take is a couple hundred billion $s and you’re there

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