Click on picture to see it larger
S&P 500 closed just above 38.2% Fibbonacci from the October 2007 high at 1576, and it might act as resistance for the next week. Market has been trading within rising wedge, and has touched the upper trendline so we should see some correction and go down to test 20EMA which at the present is 975.
On a 5 min chart you can notice that the Friday`s new high has confirmed the uppward trading channel and come back to retrace to half of the channel range.
Still holding on my AUG 09 1025 / 1050 Call spread, looking forward of its expiring worthless :)
Click on the picture to see it larger
Except for bill announcement, Monday will lack any news driven trading so probably will be low range day.
From Tuesday things get more intresting with ISC Goldman Store sales and Productivity and Cost report, on Wednesday International trade and Tresary budget and also FOMC meeting announcemet will take place. Thursday will be quite important with Retail Sales report and Jobless Claims, and for the end of the week Friday`s CPI, Industrial Production and Consumer Sentiment
0 comments:
Post a Comment