Traders Corner   5 comments

The S&P 500 levels to watch today:

UPSIDE: none.
LAST CLOSE: 1920 (May 29th’s high and the all-time high).
DOWNSIDE: 1915 (top of the Bollinger Bands), 1914 (May 28th’s high), 1912 (May 27th’s high), 1907 (May 28th’s low), 1901-1902 (3 data points), 1896-1897 (4 data points and April’s high), 1893 (May 23rd’s low), 1891 (May 2nd’s high), 1883-1889 (9 data points and March’s high and the 20 day moving average), 1880 (May 12th’s low), 1878 (5 data points), 1872-1873 (2 data points and the 50 day moving average), 1870 (May 8th’s low), 1865-1868 (4 data points and February’s high), 1862 (May 15th’s low), 1860 (bottom of the Bollinger Bands), 1859 (May 7th’s low), and 1851 (100 day moving average).

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures (June): Slightly negative
Overall: I am tempted to call the “overbought/oversold” indicators overbought, because the Williams %R is at 0.00, which usually doesn’t last longer than a day, since that is as low as it gets. Add in the facts the S&P 500 finished at an all-time record high yesterday, as well as finishing above the top of the Bollinger Bands, the futures are pointing to a down opening today, and everything looks down today. Except for the momentum indicators, which are strongly bullish. But momentum is one of those things that only works until it doesn’t. Or as Yogi Berra once said, “It ain’t over ’till it’s over.” In the case of the trading month of May, it’s over after today.

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5 responses to “Traders Corner

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  1. GTAT has reached resistance. If it doesn’t stall, it could move back to the 19’s.

    • since I’m covered at 16 and 17, I’m unconcerned if it goes up further. I think I’d prefer it dropped to 15.99 the day of the June 21 options expiration.

  2. S&P daily technicals are slightly overbought. Weekly have a long way to go. Unless we get something big on the downside it looks like we may level for a bit or get a slight pull back. Continues to look like we will trade in a range at a slightly higher level.

  3. Ed, looks like you might be right on AGQ. Doesn’t look like support is going to hold. It’s only support if the buyers come in. One of the reasons why I like to see some strength before buying on support. You don’t know if it will hold.

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