Markets at a Glance

Update June 6, 2013
S&P 500, Daily Chart,

S&P 500, Daily Chart,

Markets have sold off since their highs of $1687.18 on May 22nd.  Price now sits at the 50-day moving average, where there will be support, followed by substantial support at previous levels of psychological and technical resistance, $1600.  At this point, I would be hedged either by playing the VIX or with a protective put, setting a mental stop loss on the upside at $1650, or the 20-day moving average.


Update April 5, 2013


S&P 500, Daily,

S&P 500, Daily,

The most recent jobs report is out, which indicates that hiring has slowed substantially in March.  Traders got spooked this morning, leading to a mild sell-off to reach support at $1541.  Short-term-wise, this pullback is healthy, as it’s really just a 38.2% retracement from late Feb lows.  I see support at this level of $1540, but be wary of a head and shoulders pattern setting up with $1540 as the lows of the two shoulders.  If we bounce back up here, look for a test of $1564.  If we cannot break that, be aware of the head and shoulders top.


S&P 500, Hourly chart,

S&P 500, Hourly chart,

We made a move out of the upper trendline of megaphone pattern on 3/11 and 3/14, but Cyprus and weak earnings from Oracle weigh heavy on the markets.  Interestingly, the bottom portion of the megaphone pattern and the decline trendline of resistance we are currently hitting are equidistance to declining trendline and area of resistance we previously broke out of on 3/5 (blue trendlines).

S&P, Weekly,

S&P 500, Weekly chart,

Keep an eye out for breaches of ascending triangle pattern trendlines with corresponding increases of volume.  Confirm direction with a close above (or below) trendline before initiating long (or short) positions.

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