Friday, December 16, 2011 8:40:11 AM
SP Futures 1215-1220
Looking for support recovered at the 100sma 1220 to hold today.
Still resistance 1230/1240/1250 and 1250 the prior major pivot will be the biggest one to overcome. I still think we retest the top of the Bowtie before we get a big selloff, mirror to the runnup Oct but to downside. OEX might try to keep a lid on any upside today, maybe, but expect next week to stay bullish if 1220 can hold good support. Might be a slow grind though with the gap ups grinding out in consolidation. Yesterday was a test of the 100sma as resistance so today might be a test of it as support.
QQQ premarket high 55.13, looks like OEX wants close near 55 with yesterdays 55 Calls selling at .20 so will be watching 55.20 for top or breakout.
Enjoy the Day!
Looking for support recovered at the 100sma 1220 to hold today.
Still resistance 1230/1240/1250 and 1250 the prior major pivot will be the biggest one to overcome. I still think we retest the top of the Bowtie before we get a big selloff, mirror to the runnup Oct but to downside. OEX might try to keep a lid on any upside today, maybe, but expect next week to stay bullish if 1220 can hold good support. Might be a slow grind though with the gap ups grinding out in consolidation. Yesterday was a test of the 100sma as resistance so today might be a test of it as support.
QQQ premarket high 55.13, looks like OEX wants close near 55 with yesterdays 55 Calls selling at .20 so will be watching 55.20 for top or breakout.
Enjoy the Day!
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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