SP500 Market not supporting price above 1865

New York - S&P500 not supported above 18695, sellers move in and profit taking on majors.

S&P500 has trouble over 1863-65 area as sellers move in to take profits.  The market held close to resistance at 1870 for 2 hours into the close as sellers moved in and dropped the market twenty points.  At 3:00 EST market makers stepped in on high volume and slowed the selling for a retracement back to 1863, we shalll see what the closing hold for the market but we could see this sell into the close.1842 is the support to watch as we move into this next week of volatility. Downside targets of 1815 , 1780 and 1735. Upside targets of 1910, 1940 and 1973.  These are long term,  If it is short term watch the chop and be careful holding onto short positions as the volatility on the buy side at support has been quite strong. We will be in Montreal, Calgary, Edmonton this next few months for a three day training on the S&P500 futures markets and some swing trading.  Join us.  

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Managed trading accounts - Positions Closed

I took out my Silver position yesterday.   I though we could see a bit of a retracement on prices, however that has yet to happen.  Seems price has been happy starting out the week where it is.  Still a pretty good profit, looking at almost a 2% profit on the account with it in about a week.  Now on to the next one.   The Nikkei trade got bumped out at a break even position unfortunately befor it continued up and closed what would have been my profit.  That too is a little unfortunate, however all part of the game.  Maybe you might have managed yours differently? Also, had a few day trades on here and there that didn't pan out to pay too much.  Nabbed a couple small ones that added about a 0.5% profit after the tally.  But nothing very exciting there. Right now I have no positions on and it looks like this week will give me a bit of a break as I get ready for my trip to Hong Kong and China next week.  Always watching, but nothing on the balance sheet at the moment.  I will update when a new trade comes. Trade what you see...   I'll see you at the starting line!

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Day Trading Dow Jones Industrial Average

[caption id="attachment_7128" align="alignleft" width="150"] DJIA 1928-29[/caption]

DJIA 1928-1929 chart and 2013-2014 chart

Market are definitely in a very stressful pattern.with this chart that most of people saw, there's some question people are asking them self, should you sell or keep buying since we are in Up trend. What people may don't see, is what happening in others area, like Gold,Silver, Oil ...start to make a strong move up. And with all suicides that happen, and probably will keep happening from banking system, maybe you should start to ask your self some questions. And I'm not talking about 2weeks of very bad news on the market, but Stocks Market keep moving up. Very strange isn't? [caption id="attachment_7129" align="alignright" width="150"] DJIA 2014[/caption]

Dow Jones Industrial Average 2014 Chart, very clear H&S pattern

This is pretty much how a weekly chart end last week. (even if this chart are on daily, if you go on weekl [...]

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Weak Markets retrace Dow Jones Transports testing support

Weak Markets retrace Dow Jones Transports testing support

The Dow Jones Transports, normally considered a leader, for trading the indices is either lagging the S&P500 or is showing weakness.  The test to 7150 could retrace today which means that we have one of two credible patterns emerging. The support from Jan 21, of 7150 and the test down to 7020 with a continuing move back to 7300 is now revealing an Inverse Head and Shoulders with this move back to 7150.  The key will be the formation of an engulfing candlestick pattern where we close above the 7240 mark. Then tomorrow, I would expect to see weakness in the AM with a move up to 7300 in to the close. The extension of this move if it were to break through resistance is the double top at 7580 then and extension to 7900.   NOTE - this could be the double top everyone fears. ON the other hand, if sellers keep control and the move continues down, I am watching for a re test to 7020.  If support gives way then a move to 6900 and then free fall to 6650 and a breaker event to 6400.  Doesn't look like a probable move, but you never know.   Just be prepared to take advantage if the pattern emerges.  

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Managed Trading Ccounts - Silver, Nikkei, GBP/JPY Closes Target

My GBP/JPY trade closed my target in trading yesterday.  This trade took about 9 days and paid about 10% compounded on the account.  Not bad for a couple weeks. Silver is currently stalled out at the $21.50 area after it's initial break out above $20 resistance.  Still looking for it to continue to my $23.00 target.  Stop is in break even position, but I will tighten it up in the next day or two without another solid move up. I opened a long position on the Nikkei yesterday.  Today brought a nice move up after opening the position.  Current target is at 15000. I did have a position opened yesterday on the EUR/AUD which was stopped out in the overnight session.  To bad too, because today it would have went well into profit as well.  But as the saying goes, "You can't win them all" and as always "There is ALWAYS another trade". More to come as the trades come to me...

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