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Wednesday 20 November 2013

Buy S&P 500 @ 1790- won, Sell S&P 500 @ 1796- invalid

Buy S&P 500 @ 1790 if it stays above & goes higher, for 30 minutes expiration or less
Sell S&P 500 @ 1796 if it stays below, for 30 minutes expiration

Risks: S&P 500 might break & stay above temporarily, then drop (Previous market pattern)
Support @ 1790 is weak

S&P 500 update:
S&P 500 possible minor resistance @ 1792, which is S&P Futures' 1790
S&P 500's weak support still @ 1790, stronger support @ 1788

Results: Buy S&P 500 @ 1790- won
S&P 500 expired @ 1791.97 at 11:30am EST



Sell S&P 500 @ 1796- invalid
S&P 500 failed to reach 1796 again because of minor resistance @ 1792
S&P 500's weak support still @ 1790 & unbroken since 10:44am EST after it managed to stay above
So S&P 500 traded sideways around 1790-1792 for quite a while, kept trying to stay above 1792 but failed & finally dropped below weak support 1790, turning it into resistance
2nd resistance @ 1788
Look to sell S&P 500 if it reaches 1788 or 1790 & drop again tomorrow


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