Thursday, February 12, 2015

S & P 500 Futures at Important Level...2079

The overnight reaction to the geopolitical news  has been positive so far.  The s & p 500 futures have traded as high as 2079, which coincides with the December peak (left shoulder for the bearish technicians).

After holding support at the 200 dma, the market has rallied past that 2062 battleground.

As we've seen time and time again the news flow, and more importantly the market reaction to it, can change on a dime.

2079 is a good level to lighten up on longs that were bought with bids from the 200 dma levels.  Why get greedy in the face of potential headlines risks?

Nimble traders can short here and cover at the 9 dma (gray line @ 2049).

No comments:

Post a Comment