S&P Stock Index Key Points to Watch
Stock-Markets / Stock Index Trading Feb 09, 2011 - 06:36 PM GMTBy: Mike_Paulenoff
Very sloppy action in the emini S&P 500 (e-SPH) and in the cash S&P 500 (SPX), which is a bit unnerving for me considering my cycle work (posted on Monday evening) as well as my Bollinger Band work BOTH suggest that the indices could be vulnerable to a shakeout on the long side within the current timeframe. A sustained breach of 1313.00 in the e-SPH should coincide with an upside penetration of the ProShares UltraShort S&P 500 (SDS) at 21.60.
During this afternoon's session we need to be focused on a print at 1312 in the emini S&P, which would trigger near-term sell signals that should extend the down column of red O's on our point-and-figure chart to confront near-term support at 1306 and then 1300.
On the other hand, a print of 1320 would trigger a new upward column of black X's that would represent the initial signal that the selling pressure has abated, perhaps prior to a new upleg.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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