Institutions may move to the sidelines today

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Institutions may move to the sidelines today

Neural Blog 7th May 2010

Analysis: $SPX 1000.00, $IWM 61.00
Institutions may move to the sidelines today
Markets poised to move down after Mutual Monday
Analysis: $SPX 1000.00, $IWM 61.00

support and resistance levels

There are a multitude of reasons why what happened, happened. However if you stick to your support and resistance levels you would have had a substantial increa

Difference between yesterday and black Monday as we had a huge rally into end of day.

There are a multitude of reasons why what happened, happened. However if you stick to your support and resistance levels you would have had a substantial increase in your odds of been successful in getting short and swapping out to a long position only to go short into close.

1130 S&P (or spy if you are trading it) seems to be crucial support today and it would be wise to give this market a lot of room to breathe, all the way up to the 11500 level. If we see it trade higher than the 1150 level and hold it for 30 min or so It may be a good idea to switch sides and become bullish. Below the 11500 level would be bear country!

680 resistance level in the Russel would be the level to watch too.

1135 would be initial resistance and key support would be at 1116

Institution traders will be reluctant to initiate any long or short positions today as they would not want to hold anything over the weekend. Lets exercise caution and watch the market. Keep in mind that we believe we have hit the exhaustion target for the Euro for a 5th wave down (in an Eliot wave pattern). This would mean that this move down for the Euro is complete.



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