Traders Corner   3 comments

It’s the same old story for the S&P 500: Weekly technicals overbought, daily technicals neutral. The only note of interest is the S&P 500 has closed in the 1837-1838 area for the last three days. However, today’s U.S. Employment Report might actually break this trend.

The S&P 500 levels to watch today:

UPSIDE: 1840 (2 data points), 1843-1845 (2 data points), 1849 (December’s high and the all-time high), and 1867 (top of the Bollinger Bands).
LAST CLOSE: 1838, inside the 1837-1838 (2 data points) range.
DOWNSIDE: 1827-1831 (5 data points), 1823 (January 6th’s low), 1818 (20 day moving average), 1813 (November’s high), 1798 (50 day moving average), 1775 (October’s high), and 1770 (bottom of the Bollinger Bands).

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3 responses to “Traders Corner

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  1. Trader, curious how the UCO looks today?

    • Also, do you trade these in an IRA so as to avoid the annoyances of a K-1?

      • John, still looks good to me. At the lower end of its recent range and looks like it could be forming a base. I haven’t sold calls yet, but probably getting close. I play UCO/SCO in a corporate retirement account. Not worried about taxes.

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