Traders Corner   5 comments

For the third trading day in a row, the S&P 500 topped out at 1808. While that doesn’t fall within the definition of a “triple top”, I would call 1808 firm resistance until broken. However, there is nothing in the technicals to keep that from happening. But considering it is the last trading day of the month, and we have a mystery Federal Reserve meeting in a few weeks (“To taper, or not to taper…”), do you really feel comfortable betting on the bulls here?

The S&P 500 levels to watch today:

UPSIDE: 1808 (3 data points and the all-time high) and 1815 (top of the Bollinger Bands).
LAST CLOSE: 1807.
DOWNSIDE: 1802 (2 data points), 1800 (2 data points), 1797-1798 (2 data points), 1794-1795 (3 data points), 1790-1791 (2 data points), 1788 (November 18th’s low), 1782-1784 (3 data points), 1781 (20 day moving average), 1780 (November 14th’s low), 1777 (November 20th’s low), 1773-1775 (3 data points and October’s high), 1770-1771 (2 data points), 1764-1768 (5 data points), 1760-1762 (3 data points), 1752-1755 (2 data points), 1746-1747 (2 data points and the bottom of the Bollinger Bands), and 1740 (50 day moving average).

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Posted November 29, 2013 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

5 responses to “Traders Corner

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  1. Sold half my aapl at 550.
    Next sell is at 600

    basis for these shares is around 485

  2. Thanks Ed. The only other event that I think is going to push aapl dramatically higher is a china mobile deal. Nonetheless I think the down side is relatively low and I’m still holding out for between 575 and 600 for my remaining shares.

  3. Ed

    FTNT us getting hammered today because their CFO resigned, thoughts on it at this price? Overreaction?

    • Ojunker,
      A CFO’s unexpected resignation is never a good thing, even if it is for “personal reasons” (does anyone buy that line anymore?). But FTNT’s stock already has a lot of growth priced into it, arguably too much, so an event like this could hurt this company even more. I don’t see any value here, even at the current reduced price. I would wait until it stops falling before looking at it.

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