Hello folks just a quick update for you regarding today’s market price action in the S&P 500…first don’t get too excited about the nice run up today after this past Friday’s large down move. Looking at the chart below you can see we made a new low to start the day off today (not very bullish at all) and then closed right at our moving average…since the price could not penetrate our moving average (again not very bullish) you need to be on the lookout to see how price action will move tomorrow…either there will be follow through where price will take out the previous high from last Friday (1299.50); or it will close between this number and the low formed today at 1262.25…if either of these prices are taken out then you can expect a continued move in that direction…
My trade today was in Oil Futures and it turned into a real home run for the day as I was trading the middle eastern unrest…folks, keep in mind we have a key Gov report coming out this Friday which is the initial jobless claims data (ADP releases their data on Wed as a precursor to Friday’s number)…note that the markets get a little bit volatile around this key report so watch what you have in play on Thursday if you are going to hold an overnight position.
See everyone soon…at least if my voice is not acting up….
Trade Smart — Not Often