The focus now turns to the SPX 1313 Pivot (+/- 7 points).
Thus, we will be watching to see if the SPX can regain this
pivot as support (next few days) or if it fails at this region.
This is the battle zone to monitor as it will be very strong
resistance.
It will take a close and hold above the 1320 area to accomplish
this task.
The newsletter audio comment talks about the "1915 to 25" area
as an objective short in the SPX, in association with the 20
EMA. Was that a misspeak, or am I missing something?
My apologies 1315-1325 on the SPX. Watch that zone for
resistance followed by a TRIGGER on your short term charts if
looking to get short. The support pivot below is 1303 which
will need to be broken to get downside traction.
Comment
Posted by steve on 25th of Feb 2011 at 08:54 am
The focus now turns to the SPX 1313 Pivot (+/- 7 points). Thus, we will be watching to see if the SPX can regain this pivot as support (next few days) or if it fails at this region. This is the battle zone to monitor as it will be very strong resistance.
It will take a close and hold above the 1320 area to accomplish this task.
See 30 minute channel below:
http://www.screencast.com/users/dodger/folders/Jing/media/7d07c33d-7084-47b6-8e8e-7b82810b2f9d
The 20 Day MA's also are in this area.
Key support below remains the 1303 Pivot (+/- 7 points) on any pullback - it will take a breach of this support pivot to get downside traction.
Clarification to objective short
Posted by sankaty on 25th of Feb 2011 at 09:01 am
The newsletter audio comment talks about the "1915 to 25" area as an objective short in the SPX, in association with the 20 EMA. Was that a misspeak, or am I missing something?
My apologies 1315-1325 on the
Posted by steve on 25th of Feb 2011 at 09:04 am
My apologies 1315-1325 on the SPX. Watch that zone for resistance followed by a TRIGGER on your short term charts if looking to get short. The support pivot below is 1303 which will need to be broken to get downside traction.
Just too many looking at
Posted by london on 25th of Feb 2011 at 03:10 pm
Just too many looking at the same EW charts and looking to short here at these lvls.
The squeeze just keep coming; and into mth end.