Traders Corner   5 comments

Pre-market movers

UP: AGQ
DOWN: AMZN, VZ

S&P 500 Daily Momentum: Bearish
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish (weakening)
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures (June): Negative
Overall: Markets are looking for a negative opening today. But there is some good news for bulls: The S&P 500 is finding strong support at the 50 day moving average (1867). Friday, it dipped below that level for the 4th time in the past month, and for the 4th time it still finished the day above it. On the other hand, the S&P 500 couldn’t break above the 20 day moving average (1879) on Friday either.

The S&P 500 levels to watch today:

UPSIDE: 1878 (5 data points), 1879 (20 day moving average), 1880 (May 12th’s low), 1883 (May 6th’s high and March’s high), 1885 (2 data points), 1888-1889 (3 data points), 1891 (May 2nd’s high), 1896-1897 (3 data points and April’s high and the top of the Bollinger Bands), and 1902 (May 13th’s high and the all-time high).
LAST CLOSE: 1877.
DOWNSIDE: 1870 (May 8th’s low), 1865-1867 (3 data points and February’s high and the 50 day moving average), 1862 (May 15th’s low and the bottom of the Bollinger Bands), 1859 (May 7th’s low), and 1846 (100 day moving average).

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5 responses to “Traders Corner

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  1. Looks like more of the same – flat. I had a lot of covered calls expire worthless on Friday. I’ll look to sell again as this market continues to go no where. This is the best way I know to make money in this market, besides a few day/swing trades.

  2. I also had a number of calls expire Friday and am looking to resell new ones. I’m going to try to wait for an up day or set some high sell offers.

  3. I’m waiting a few more days on GTAT. I’d like to see the daily chart turn positive.
    Oil had a nice pop, hope it holds turned negative on hourly chart. It’s positive on the daily chart and about the safest thing I see to buy

  4. Had an order fill on part of my GTAT. Sold June 17Call at .30 today while I was away. Im actually looking to sell at another strike for my whole position, so this one today is more speculative than anything.

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