Trapped
I was hoping the Unemployment Number came
in a little bit more decisive — positive or negative. Given the mixed opinions
swirling around the actual figures, it leads me to believe that the market will
continue in its directionless course, trapped in the current trading range. So,
as of 5:30 a.m. PST, we will just have to wait and see how things pan out.
So unless there are some obvious signs of conviction either way, I will look
to HVT on the opening, and then continue to
play the various technical levels in the futures and underlying stocks on a
longer time frame for the remainder of the day. (Refer to yesterday’s
article for an example.)
The critical levels still remain intact for the S&P futures, and until
these levels are breached with any conviction, they will offer some nice
intraday trades. Continue to keep an eye on 820, 827 and 834. The 817 level is
critical support.
For the Nasdaq futures, it too is trapped in a trading range. However, there
are key levels which will offer clues as well as intraday setups. Keep an eye on
854, 863 and 872.
You will notice on the charts that each time the above numbers are approached,
the market will have a swift reaction to it. These spots are where I am finding
the ideal setups on a slightly longer-term time frame (i.e. five- and 15-minute
charts).
| Intraday Setups |
|
|
|
|
| Stock | Action |
| PAYX | Long |
| ABT | Short |
| QCOM | Short |
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| *858* | 854.50 |
| 847 | 848.50 |
| 842 | 844.50 |
| 830 | 835 |
| *817* | 829.50 |
| 805 | 825.50 |
| *798* | 811 |
* indicates a level that is more significant.
As always, feel free to send me your comments and
questions. See you in TradersWire.