AI
Friday, January 27, 2012 9:03:07 AM
SP Futures 1310-1320-1310
Looking like some topping action in the Euro/DAX/FTSE.
It was interesting yesterday that the SP hit Tom DeMarks target of 1333 on the spike high.
The INDU is tested it's 100SMA yesterday also and the TNX had a rollover the prior day. Time to watch and see if the 100SMA will continue to hold support for the Markets or also rollover. So far every attempt at a breakdown has recovered. I always remember the saying 'Things keep happening the same way over and over until the day they Don't', so use some Caution on Longs here. Entering a Short/Puts position on the spike high the test of the 100SMA could have been an exit point. If the 100SMA rolls over as resistance then another Short/Puts position could be entered.
Good Trading and have a Wonderful Weekend Everyone!
Looking like some topping action in the Euro/DAX/FTSE.
It was interesting yesterday that the SP hit Tom DeMarks target of 1333 on the spike high.
The INDU is tested it's 100SMA yesterday also and the TNX had a rollover the prior day. Time to watch and see if the 100SMA will continue to hold support for the Markets or also rollover. So far every attempt at a breakdown has recovered. I always remember the saying 'Things keep happening the same way over and over until the day they Don't', so use some Caution on Longs here. Entering a Short/Puts position on the spike high the test of the 100SMA could have been an exit point. If the 100SMA rolls over as resistance then another Short/Puts position could be entered.
Good Trading and have a Wonderful Weekend Everyone!
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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