S&P500 Key Levels

Our daily Doji candlestick, though not perfect but close enough for government work, was triggered at the close.  The S&P rally has stalled and is having trouble cracking through 2600.

Squeezey in the overnight session with futures up 16 handles, probably, in part, due to strength in Asia stocks, especially the Hang Seng.

Though it is not wise to move stops when the market is moving against your position, we are moving our stop on the S&P e-minis up 3 points to 2604, which corresponds to a 2601-ish cash price.  That is where we want to be.  We stuck the 2601 stop in at the close in haste to get the trade off and the info out to you.

So, 2797.92, Thursday and the January high, on the cash is the marker to the upside.  The key downside level to watch is  2573.61, the .382 Fibo retracement of the current correction is the downside support level.

s&p

 

s&p_chart

This entry was posted in Equities, Trades, Uncategorized and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.