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Hi all-
You'll recall the other day, it looked as if the 1160 support level on
the S&P March 99 contract was holding. Since Monday's close, the market
has advanced roughly 50 points into the 1190s. If you draw a short-term
trendline along the lows of this week's action, the slope is roughly
11! That is almost 1% a day! It may be getting overdone in the
short-term.
I am a short-term trader, and as such, I am looking at what levels to
take some profits off the table. One logical place is in the area of
1199. Not only do markets sometimes pause around "handles" (1200), but
this is the same level where the market has had trouble in the recent
past. 1199 was the high for both 12/9 and 12/10. Of course, if the
market does not pause there, the next possible resistance would be the
all-time high around 1208, which was reached initially on 11/27, and
retested on 12/8.
Opinions?
Bill Bancroft
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