We’re At A Decent Level…This Is What I’m Doing
As was the case all of last week, until
the market fully digests the rip-roaring rally from the week before, there ain’t
much going on in HVT land, with the
exception of the first hour which continues to offer a few solid setups each
day. As I am writing this, however, on Sunday evening, the S&Ps are trading down
8 points to the magical 854 level (38% retracement off the most recent
high/low). Naturally, this may liven things up a bit today, we will wait and
see. At the very least, assuming the futures stay down at this level or
deteriorate further going into today’s opening, there should be some good “Fade
The Gap” trades. These are a wonderful way to start a day, especially on a
Monday.
Either way, I want to focus on some longer term setups that I am seeing
currently, not only to add a bit more dimension to the column, but also since I
feel we are at a decent level in the market from which a solid move is about to
be made. Which way? Not sure as of right now, my gut says lower, the short-term
trend says higher. So, I have both long and short setups based as potential
trades.
Long:
Shorts:
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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* Indicates a level that is more significant
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