A massive gap opening on

    SPX 15 min comments

    Posted by kalinm on 6th of Apr 2012 at 03:19 pm

    A massive gap opening on monday down at 1370 will sure bring out the bearish headlines, but there is a pretty good cluster of daily pivot support there, the 1370 highs of 2011 AND the rising 50 day MA.  SPX daily lower bb resides at 1378 too -- typically that is defended on first attack.  A gap to 1370 (even a "stop clearing" sell to 1363 in the first hour or two) would certainly be a low-risk long entry -- just cross your fingers and wait for the PPT to get behind it.  If that plays out, then a low-risk short would be either a gap fill (back to 1398) which would also be about where the declining 13 ema is -- usually a good target for an initial short position.  I know one person who will be backing up his enormous truck on Monday -- the Bernanke!

    As per the comments I

    Posted by kalinm on 10th of Apr 2012 at 01:50 pm

    As per the comments I made this weekend, I am sticking with the plan.  Cleared out shorts over the last 30 minutes and I'm cheering on the bearded wonder -- the Bernanke.  In all seriousness. with the confluence of support here, this could be a fake breakdown and a big rally might ensue.  

    Very good stuff kalinm!

    Posted by tomW1 on 8th of Apr 2012 at 09:28 pm

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