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Below is my take on the support levels of the SPX. If the SPX were to trade at
the 1190-1203 level, it could be very scary. I blended in a couple of Moving
Avg. with the retracement levels. The 200ma simple is sitting on this level as
of now. Also, with the DOW just closeing below its 50ma simple, could see a
down trend.
I'll be watching the Gold and Oil stocks. Still working on which one to trade
for tomorrow.
TradeWell,
Joe Frabosilio
Warren Goldstein wrote:
> Hi RT's
>
> Tomorrow (May 28) looks to me to be a key day in many markets.
>
> I plan to go long July silver early in the morning, and long July soybeans
> on a decline to 453, both tomorrow.
> Also plan on shorting Sept. T-bonds on a rally to the 117-19 to 117-24 zone
> tomorrow.
>
> June S+P hasn't quite hit my intermediate downside target at 1276.00, but
> may very well do so tomorrow.
> I will be taking a short term long position from there.
> Longer term however, my indicators suggest a continuing decline to 1199.00,
> maybe in the Sept. contract.
>
> Warren
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