Wednesday, May 25, 2011

Keep An Eye On Support

Good morning traders!

Keep an eye on the index charts today. NYMO chart is approaching levels where in the past it has been unsafe to be short as snap back rallies have started from these levels. Also, it makes sense to potentially look at taking some long positions as the SPX tests that all important 1300 area. SPX futures dropped to as low as 1300 in overnight trading and are thus far successfully holding. We are opening lower this morning but i would not be surprised to see the indexes close higher today and start a small bounce phase from here.

Good luck everyone!

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