Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
Last week I wrote about symmetry in the SP 500 and shared some support levels between 1885-1895. As it turns, these levels held well and the market has since bounced and bounced pretty powerful. To some this may bit surprising as there are just too many Geo political events out there that should have injected some risk premium into the markets but as I learn every day, there is no point of arguing or fighting price action….
At this point the main question is what next?
The next key level to observe is 1985.75, the high made on September SP 500 futures back on July 24th 2014. If we can get a close above that level, we may see another strong leg up as projected in the chart below where I have taken the magnitude of the move up from lows made April 14th to highs made July 24th and projected into the future where you can see some possible levels in case we can get a close above 1986.
This is in addition for 3 bullish signals I like to use which appear in the chart ( diamond, + sign and my topaz indicator)
That being said, keep in mind the Geo Political environment is pretty fragile….
If you are interested in having a free trial to some of the ALGOs and indicators I display in the chart above such as the “diamond” topaz” and others, please visit:
https://www.cannontrading.com/tools/intraday-futures-trading-signals