Thursday, May 24, 2012
New Range
Expecting the market to be rangebound over the next several trading sessions, from 1285 to 1325. If we get panic, we could make a low down around 1260, but market doesn't want to go down there yet. I would be a seller around 1325 and be a buyer around 1285, but a reluctant buyer at 1285, worthy of a small position. As the selloff goes on, more traders are joining the short side so there will be more vicious short covering rallies in the next couple weeks.
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1 comment:
from 1411 to 1287, S&P rebounding towards the 38.2% Fibonacci ratio at around 1335. After that upward momentum may weaken unless good news come out of Europe.
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