Traders Corner   8 comments

The technical outlook for the S&P 500 hasn’t changed much in the past week. Friday’s very slight drop moved the technicals only a smidgen. At the moment, the only technicals in overbought territory are the ones which can run for extended periods that way. As long as we remain in low-volume holiday trading mode (the S&P 500 hasn’t traded above 3 billion shares since December 20th), I don’t expect much in the way of technical change.

The S&P 500 levels to watch today:

UPSIDE: 1844 (December 27th’s high and the all-time high and the top of the Bollinger Bands).
LAST CLOSE: 1841, in the 1841-1842 (2 data points) range.
DOWNSIDE: 1833-1834 (2 data points), 1828-1829 (2 data points), 1822-1823 (2 data points), 1810-1813 (5 data points and November’s high), 1808 (December 10th’s high), 1806 (2 data points), 1792-1803 (8 data points and the 20 day moving average), 1786-1788 (3 data points), 1784 (50 day moving average), 1779-1783 (5 data points), 1777 (2 data points), 1775 (October’s high), 1772 (2 data points), 1767 (December 18th’s low), and 1763 (bottom of the Bollinger Bands).


Posted December 30, 2013 by edmcgon in Daytrading, Investing, Market Analysis, Technical Analysis

8 responses to “Traders Corner

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  1. Just sold my ATHM. This was the stock I bought post IPO at $28.80 on 12/11/13. Sale price was $35.03, so gained 21.6% in 2 1/2 weeks. Very happy about the gain as it was an out-sized position.

  2. Well done Marshall

  3. Ed, Glad your feeling better, we have had a nasty bug going around up here too. Not sure what you looking at for the new year but the S&P is about to close out a 29.1% up year. I wonder in the past, after a massive up year how has the market done?

    • To quote the classic Wall Street disclaimer: “Past history is no guaranty of future results.” 2014, like 2013, will be all about the Fed and the economy. If the Fed pulls it’s foot too quickly off the accelerator, expect the markets to be looking for the exits. If the Fed doesn’t taper quickly enough, then the markets could just cruise along like they did in 2013, regardless of what the economy does. On the third hand, if the Fed balances it perfectly as the economy gains strength (assuming the economy does actually gain strength, which is a big assumption), then the markets could easily cruise along without missing a beat.

      Sorry to hear about the bug going around. All I can tell you is to get lots of sleep, and drink lots of liquids. Once you start feeling better, begin working your way back slowly.

      • Glad you’re feeling better, too. I go the flu – once and only once because it was after that experience nearly 20 years ago that I never missed a flu shot. Just curious: Had you gotten one and it wasn’t effective?

      • Actually, I had the flu for about 3 years straight when I was in my 20’s (well over 20 years ago). I’d never gotten it since then until this year, when my daughter “gifted” me with it. I’m actually not even sure this was flu, because what I had in my 20’s was MUCH worse: high fever, couldn’t hold anything down, and literally slept for days.

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