|
[Previous entry: "Fibmaster's Daily Update"] [Main Index] [Next entry: "ACI Exit for -.96, 2.9%"]
09/01/2004 Archived Entry: "Fibmaster's Daily Update"
Recent ProfitPoint trades:
We were long AM from 8/12 at $22.73 . We closed first half on 8/23 at $23.80 for +$1.16, 5.1%. Aug 30th we close out the 2nd half for +$1.06, 4.7%. Net gain for AM is +$1.11, 4.9%.
S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. The current rally to 1109.75 on the daily chart puts us about half-way into that channel. The recent rally has pushed the S&P above an important resistance level, which is a bullish sign if these levels can be maintained.
Yesterday the S&P rallied back up towards intraday resistance levels, and look like it will open a little higher today. 1090.75 is a significant support level. That level needs to hold for the markets to rally. QQQ has a strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish! DIA has the equivalent SK resistance level at 101.75 to 102.50. This resistance level still needs to be tested and broken for the bulls to prevail. This could be a telling week. It seems that the S&P is leading the bulls, and could be over-extended. Watch these levels for great short opportunities if the bears surface. SPY has intraday (60-min) SK support at $110.50, and also at 109.50, could stall the bears. We need those two levels to break for a great down-move. Until then, there is significant risk of whipsaw, watch your stop-losses! Profit-point is positioned to take advantage off a down-move, with some great short trades on the watch-list.
Interesting charts to trade. TZOO has supported, making for some long opportunities intraday. I suggest intraday scalps only at this time, due to overall market weakness. Near-term intraday profit-points would be $42.75 (exceeded) , $45.00 (right there now) and $47.00, bank profits on resistance at any of those. Aug 30th
NVDA daily, short the gap close if it can get there. SK resist $13.50
PXLW another cheap chart for shorting - PXLW, at SK resist on daily now.
Next page, continue.
|
