Thursday, December 08, 2011 8:35:31 AM
SP Futures 1265-1260-1265-1260
You can see the whiplash in the FTSE chart as the Futures are testing the new trading range. So far the support seems to be holding but no breakout of the resistance. We are back to the consolidation period like Mid Oct where the SP was stuck between 1190 and 1225, now 1245-1265. To me the narrowed trading range means limited upside from here but I see a lot of targets at 1300. Personally I would think 1280 as a cap but that is just my own speculation. We talked about the diamond pattern mid Oct and to watch for the break to upside or downside and I think we are back to that again here. The MKTSS Plan would be Bullish with the inclining 100sma and support above it. Just be sure to use some caution and good stops as the Markets volatility/whiplash looks to continue.
Good Trading!
Euro vs USD$
You can see the whiplash in the FTSE chart as the Futures are testing the new trading range. So far the support seems to be holding but no breakout of the resistance. We are back to the consolidation period like Mid Oct where the SP was stuck between 1190 and 1225, now 1245-1265. To me the narrowed trading range means limited upside from here but I see a lot of targets at 1300. Personally I would think 1280 as a cap but that is just my own speculation. We talked about the diamond pattern mid Oct and to watch for the break to upside or downside and I think we are back to that again here. The MKTSS Plan would be Bullish with the inclining 100sma and support above it. Just be sure to use some caution and good stops as the Markets volatility/whiplash looks to continue.
Good Trading!
Euro vs USD$
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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