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[Previous entry: "2/2--Fibmarkets chat room member "Cal"-- trade of the day"] [Main Index] [Next entry: "CCI Plus .54 for 4% gain"]
02/06/2004 Archived Entry: "S&P review at week's end.. Feb 6th."
Click for S&P daily chart Weekly trend is up but SI may cross down today. Early to say the weekly trend will change but definitely being challenged. Daily chart has downtrend but SI is flat now at SK support 1121 area. There are some significant support levels at the following areas: 1121, 1107/1108, 1091, 1077/1080 and 1031/1034. My gut feel is that 1121 or 1107 will hold. A retracement to 1107 is in line with prior retracements on the daily chart. There is also a trend-line at that level. Below 1107 this chart starts to look very bearish. Intraday we have had a consolidation since Jan 29th, not fun! Be careful with shorts at these levels unless the 1121 SK level breaks. 30-minute trend is up now, but can easily flop around during a consolidation. At these levels long trades intraday should be favored, unless 1121 breaks. Shorts are more risky and more appropriate for quick scalps. If you're short and 1121 breaks you'll look like a hero, but it is a risky trade.
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