10.22.13 Consolidation at Highs

S&P futures is currently consolidating recent gains, holding steady above 1736 support. Delayed Jobs Report is due to be released Tuesday with analysts expecting 180K…

Further upside has been kept in check at the 1740 level, so until that level is clearly penetrated and tested (hold) the 1740 – 42 zone is resistance. Penetration (and hold above) of this level keeps the Bull intact with upside targets ranging from 1743 up through 1750. Initial support is 1634 – 36 zone. Violation of Prior Day Low (and hold below) calls for deeper correction down to 1728 40 zone where anticipated buy response should develop.

Stay Focused…Remain Disciplined.  Always use stops!

Good Trading…David

Habitude Nine
I will identify my mistakes and learn from them. I am optimistic, realistic and honest. I will not make up stories about the good or bad things that occurred in the past or are happening now. I admit when something is not working. My optimism gives me faith and courage. I will not fall prey to blame and fear.

Leave a Reply