Friday, August 14, 2009

Daily S&P500 Market Commentary - August 14, 2009

I'm seeing signs of a weakening trend on the S&P500 before the open today. The S&P500 is going to trade sideways into next week or we will be seeing a significant correction. As up to this point the only "significant" correction we saw was from August 10 to 11 when markets the S&P500 corrected only around 1.5% + . (essentially I have been wrong on any "major" corrections - as the prices continues to extend; though on a decelerated path)

Amazingly the 1010 resistance I thought I had barely missed last on August 5th actually became real resistance on August 7. Prices failed at 1010 exactly and corrected to 997 by August 6th. And I also correctly predicted that prices would end up higher on that Friday.

Though my call on 1010 resistance true, it was short lived, but it worked out since I had exited my forex positions two days earlier in anticipation of price swings. In addition I was able to correctly identify the short term trend (within a 3 days) correctly on the S&P500.

The end of today will give a good hint of how markets will open up on Monday next week.


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