Traders Corner   13 comments

The S&P 500 had a few technical events to note after yesterday:

1. The very long-term P&F charts have a new bullish price target of 2020.
2. The Bollinger Bands continue to contract, with the bottom now above the 50 day moving average (1810 versus the 50 day MA at 1806). Watch the movement over the next few days to a week, because that is probably going to be the indicator of the next large move. For example, a small move up could be followed by a larger move up.

Futures are up this morning, and sentiment seems to be fairly bullish for now.

The S&P 500 levels to watch today:

UPSIDE: 1847 (January 16th’s high), 1849-1850 (December’s high and the all-time high), and 1856 (top of the Bollinger Bands).
DOWNSIDE: 1843-1845 (4 data points), 1837-1840 (6 data points), 1833 (20 day moving average), 1827-1832 (6 data points), 1823 (January 6th’s low), 1821 (January 14th’s low), 1815 (January 13th’s low), 1813 (November’s high), and 1810 (bottom of the Bollinger Bands).


13 responses to “Traders Corner

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  1. NNVC is up almost 6% today. the past week it has been going up. I know you are a long term holder on this one. But time to sell for now?? I have a small position so I might sell later today. I know that Jeff likes this stock as well. What do you both think of it at this level??

  2. Bought RIOM this morning at 2.26. This is a small cap miner (not unlike TC) that has a great balance sheet and cash flow. This is a discretionary play for me, meaning I am not committed to holding long term. It is a stock I have been watching for three or four months. It seems to have bottomed, but is still very cheap.

  3. Liar… 🙂

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