Next week is the expiration of equity options, stock index options and stock futures contracts. Stock market performance during "triple-witching" expiration, which occurs during the March, June, September, and December expiration weeks, provides a dangerous environment for bulls and bears or you may say excellent opportunity for traders.
The S&P 500 will find 1100 a tougher challenge. The SPX hasn't finished a week above this round number since mid-May. Traders were still concerned about European debt issues and the Gulf oil spill, I think this week the market is going to tell you the direction.
Trading range 1040-1100 still act as a short term indicator for bull and bear, we will short this market again if it reach 200 days moving average 1107 or resistance 1100 and retract or we will long this market if it breaks through the resistance of 200 days moving average 1107 and 1100 resistance decisively with great volume, then, wait for fibonacci retracement levels and place long order.
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