S&P500 high 1131.23, closed at 1113.2. Down 4.31points. It was up 13 points in the morning. I mention yesterday that 1130, 1140 and 1150 are very critical resistance. 1130 is the 50% fibonacci retractment level from 1220 high and 1040 low. 1140 is the 50 days moving average resistance. 1150 is the January high resistance and the 61.8 fibonacci retractment level.
We have a bearish engulfing candle stick chart today. Tomorrow is the confirmation day. If we get a long sell off candle stick tomorrow, then we may have a few down days coming.
I placed a SPXU order to short this market in this morning when the market could not take out 1130 and retracted. Also I bought ERY to short the energy sector. I bought it at 9.25 and it rebounced to 9.76 at the end. I will sell half of the ERY when it hit 10.3 which is the 50 days moving average and keep the rest for riding.
Assuming we've found short term high at 1131 and start a correction. I will sell half my SPUX when it hit the 38.2% fibonacci retractment level at 1096, and the other half at 1086 which is the 50% fibonacci retractment level of 1040 low to 1131 high.


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