Monday, August 15, 2011

Market Update $S&P 500

This was a respectable 100 point rally off the lows of last week. One has to wonder if it is running out of steam. SPX is nearing the 50% retracement. Many big players like to front run widely-publicized levels and make others chase. I will not be surprised this time to be nothing different. As all traders are glued to 1250 level - neckline of broken head and shoulders, I am watching for 1220 - 30 zone to be the sell signal for "smart money". But this is just my personal opinion...

No comments:

Post a Comment