However, it's hard to be trading longs when the market is already around it's Weekly 50% level. The best longs are around the Daily 50% level @ 1276 (8.5 points)
S&P Weekly and Daily range.
S&P didn't move up into Wednesday's highs, but stalled at it's Weekly 50% level, and reversed down into the trailing support levels (Daily 50% level @ 1276).
Those longs @ 1276 diminsh, as the next day's levels shift, and a couple of factors come into play that could have a major bearing in the short-term direction of the markets.
QE2 has apparently ended on the 22/6/2011 (today), so it will be interesting to see whether any negative effects hits the market over the next couple of days.
Trend guide remains 1268.50
With QE2 coming to an end, this should lead to strength in the USD dollar, after testing it's June 50% levels, whilst putting pressure on commodities to fall.
- Daily Trading Set-ups & Analysis
Posts
