Monday, December 12, 2011 8:40:21 AM
SP Futures 1250-1245-1240-1245
The 1245 resistance can be seen in the FTSE tops. Once again watch the Euro for a potential double bottom or a breakdown. Back to watching the trading range 1240-1260 with 1250 the pivot at the 100sma, so back below it here. The Markets have been drawn to 1250 but just be careful about any short term trades leading into expiration. For now the anticipation is another double bottom bounce from higher support at 1240, leaving a short term inverted H&S. Whether that will motivate the Markets to move higher is still uncertain. Remember the Bowtie, it is unusual to have a widening flag and remember it could still break either direction. Use some caution with any trades Long or Short and often it is Safest to take profits if a LOD at EOD and Support for Shorts and a HOD at EOD and Resistance for Longs. So use good judgement and don't get caught in the trap of wanting More.
Have a Wonderful Week!
The 1245 resistance can be seen in the FTSE tops. Once again watch the Euro for a potential double bottom or a breakdown. Back to watching the trading range 1240-1260 with 1250 the pivot at the 100sma, so back below it here. The Markets have been drawn to 1250 but just be careful about any short term trades leading into expiration. For now the anticipation is another double bottom bounce from higher support at 1240, leaving a short term inverted H&S. Whether that will motivate the Markets to move higher is still uncertain. Remember the Bowtie, it is unusual to have a widening flag and remember it could still break either direction. Use some caution with any trades Long or Short and often it is Safest to take profits if a LOD at EOD and Support for Shorts and a HOD at EOD and Resistance for Longs. So use good judgement and don't get caught in the trap of wanting More.
Have a Wonderful Week!
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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