AI
Friday, December 09, 2011 8:42:10 AM
SP Futures 1230-1225-1245-1240
You can see in the FTSE chart the Futures morning surge and pullback. Wednesday we had the close near hod at eod and resistance, Thursday a close at lod at eod and potential support. Today it looks as though we might get some recovery but possibly close right in the middle of the two. Remember the diamond pattern mentioned before mid Oct and keep watching for the squeeze and which direction the market will break. Also we could be working on the 'bowtie' from RCKS chart, which means the continued whiplash until the Markets find a defined direction. For now the bias will be Bearish until 1250 is recovered as support. Just as when the MKTSS Plan is above the 100sma and the SPXU/ShortPut type trades are only held for 1-2 days the same applies here when under the 100sma that TNA/LongCalls type of trades should only be held 1-2 days. The pivot will be the 100sma and whether it is inclining/declining and holding support/resistance. As long as the Markets continue to be volatile and have the whiplash we will once again be range bound until a defined break and the 100sma is clearly inclining/declining.
For now the trading range has again been widened to 1230-1270 with 1250 the pivot. That leaves plenty of room for short term trades but make sure and use Stops and Profit targets to lock in and protect yourself against potential reversals.
Good Trading and have a Wonderful Weekend!
Euro vs USD$
You can see in the FTSE chart the Futures morning surge and pullback. Wednesday we had the close near hod at eod and resistance, Thursday a close at lod at eod and potential support. Today it looks as though we might get some recovery but possibly close right in the middle of the two. Remember the diamond pattern mentioned before mid Oct and keep watching for the squeeze and which direction the market will break. Also we could be working on the 'bowtie' from RCKS chart, which means the continued whiplash until the Markets find a defined direction. For now the bias will be Bearish until 1250 is recovered as support. Just as when the MKTSS Plan is above the 100sma and the SPXU/ShortPut type trades are only held for 1-2 days the same applies here when under the 100sma that TNA/LongCalls type of trades should only be held 1-2 days. The pivot will be the 100sma and whether it is inclining/declining and holding support/resistance. As long as the Markets continue to be volatile and have the whiplash we will once again be range bound until a defined break and the 100sma is clearly inclining/declining.
For now the trading range has again been widened to 1230-1270 with 1250 the pivot. That leaves plenty of room for short term trades but make sure and use Stops and Profit targets to lock in and protect yourself against potential reversals.
Good Trading and have a Wonderful Weekend!
Euro vs USD$
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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