Traders Corner   11 comments

The S&P 500 levels to watch today:

UPSIDE: 1948 (August 13th’s high), 1952 (20 day moving average), 1956 (50 day moving average), 1968 (June’s high), 1991 (July’s high and the all-time high), and 2003 (top of the Bollinger Bands).
LAST CLOSE: 1946.
DOWNSIDE: 1944 (August 11th’s high), 1927-1939 (July’s low and 9 data points), 1924 (May’s high), 1921 (August 4th’s low), 1916 (August 1st’s low and the 100 day moving average), 1909-1913 (3 data points), 1904 (August 7th’s low), and 1902 (bottom of the Bollinger Bands).

S&P 500 Daily Momentum: Bearish (weakening)
S&P 500 Daily Overbought/oversold: Neutral
S&P 500 Weekly Momentum: Bearish
S&P 500 Weekly Overbought/oversold: Neutral
S&P 500 Futures: Slightly positive
Overall: Is this a dead cat bounce? So far, the weekly S&P 500 momentum still remains bearish, even as the daily momentum has shown distinct weakening. Although the S&P 500 futures are pointing to a positive opening, it should be noted the September futures are only targeting a price of 1948, which doesn’t show much bullish confidence. Until the S&P 500 breaks and closes above the 50 day moving average (at 1956), it will be difficult to call this current bounce anything more than a dead cat bounce.

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11 responses to “Traders Corner

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  1. Closed VJET Sept $20 calls for +$1.10. Good to make some money back on this stinker…

  2. Marshall,
    I think you previously mentioned that you like CALL. Do you still like it?
    venu

  3. Small position in UCO @ $32.54. Expect my SCO to be called at $27 tomorrow.

  4. Very nice, CSIQ is up over 25% since yesterday. Bought back my calls at a small profit this am.My PLUG is up over 10% in the last couple days as well. Now looking to sell some longer term calls on both.

  5. Marshall have you picked your August Tranche yet?

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