Tuesday, November 17, 2015

S&P 500 Strong Intraday Support

(^GSPC, INDEXSP:.INX, NYSE ARCA: SPY, ESZ15.CME, $ES, $SPY); By Chaim Siegel of Elazar Advisors, LLC; Prices Quoted in S&P 500 EMini Dec Contracts

Today we expect limited downside by close.  The market can always overshoot but we'd expect that the level of approximately 2039 should hold by the close.

We are currently short intraday but its going slow which may mean it doesn't go down.  Nonetheless we have a stop above the high of the day today.

If we get to our target of 2041 we'll be taking our trade rather than see if it can run further because of the strong support that we call out at 2039.

We plan on trading less, if at all, tomorrow given its a Fed day with the release of FOMC minutes from their last meeting.

PRICES QUOTED IN THE ES EMINI DEC CONTRACT
#in, #s&p500, #stockmarket, #bestideas, nyse arca:spy
Disclosure: We may be trading S&P ES Dec in both directions at various times in the day
Disclosure: We may implement other price targets than we initially post on this site.
Disclosure: These trades can lose you money and principle especially when using leverage
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