We are in a tight zone right here. We ran and touch 825 twice on the S&P but did not break through. If we can retest 825, we can break and the next resistance level is 850. We are 814 now and are fading away. The support level is 805, so I will continue to watch the S&P.
As for the dow we are in a "short" zone dating back from the October low at 7999. Shorts can enter here and use that as a stop point, but the S&P seems to be the key indicator. Both times when the S&P was at 825, we hit our highs, and pulled back.
This is a very tough market to trade, so I think the best idea is to play small and it might be smart to build tiny short positions. On the downside, if we break 805 on the S&P, we can go to 750 or 777.
Best ultrashorts are: SRS and TZA
UPDATE: Cut half of my AKAM for a $50 loss
No comments:
Post a Comment