Friends,
In my last post I thought S&P 500 Futures could go to 1350 at most as it was the 200 Period SMA and 61.8% retracement of the previous downtrend but it did not. In fact it retraced from about 50 % retracement level and also the the ascending triangle that was forming is no more - there is a rising channel now. In order to remain in game, the bulls need to conquer 1350 as soon as they can otherwise it can lead to new lows. The support of the uptrend is at 1272 today.
The resistance of downtrend line (not shown in the chart) is also holding and today can be another test of that line.
Disclaimer: My "analysis" here is analysis in letter and spirit and should not be taken as "trading advice". Trading in Stock Markets is full of risks and one should consult professional advice before initiating any trade.
Oh, what it must be like to have money :-( I haven't two beans to rub together, day trading is something I've always wanted to do - but never had the money to do so.
ReplyDeleteAlso arbitrage betting, trading has been something which interests. Once again lack of monies has inhibited this dream.
If I ever win the lottery, I know which blog to come and get advice from :-)
Take care
Regards
SolReka
Brighter Energy Solutions
dear solreka, u must be kidding :) anyway, day trading is not a good idea, the better option for short term is swing trading. AND you can start it with very little capital :D
ReplyDeleteAND even if you don't trade, its not bad to have some idea of what is happening around...
Thanks buddy... keep visiting :-)