Monday, January 31, 2011

SPX Market Report and Economic Data for Tuesday 01/02/2011

SPX hold key level suport daily chart 1271. Buyers for now control  daily chart nothing new today, no confirmation that 1304 is the top .
Sellers have control 60 minutes chart  resistance  remain intact 1287.50 and more important [1292,1295]. Sellers still  have changes break 1271 and give us advice that  more damage coming. 

Commentary Daily chart SPX500 EOD - Swing trader

Above 1271 trend remain bullish target range [1297,1324] possible top next months. Last friday 1303 if this is Major or Minor top sellers need to close daily chart below last swing low 1271.
Daily close below 1271 next area [1259,1262].
If close below 1259 win momentum target 1235 possible extension 1220.

Area Daily chart - Position

Suport - 1220, 1235, [1259,1262] and 1271
Resistance – 1287.50, 1303, 1310, 1324, 1350;

Commentary 60 minutes chart SPX500 EOD - Day trader

Below 1287.50 and more important below 1295 sellers control 60 minutes expect more damage.
Eyes 1271 key level below next area [1259,1262]

Area 60 minutes Chart – Daytrading

Suport - 1220, 1235, [1259,1262] and 1271
Resistance –  1287.50,1292, 1295 and 1303

Click to zoom in.
Economic Data/Events week 31-04 /02
10:00 Construction spending and ISM manufacturing;
Afternoon  monthly Auto sales;
 ADP employment report;
- Weekly Jobless claims;
- Q4 Productivity;
- Factory orders;
- ISM services;
- Monthly Payrolls report with the Unemployment rate.



  1. Carlos, may want to consider this one. First of month very bullish for US equities, maybe money flows out of PM a bit

    This is a "straight trade" not a double reverse. I often get too tricky for my own good.

    The hardest trade to take right now....a short on Gold perhaps, would that curdle your blood, lose you sleep, and just feel wrong.

    Short gold based on loss of the prior PRS channel, and perfect backtest simultaneous with top channel test of the new down channel. Tough trade to take, short gold. Took it.

  2. Hi Steveo
    Nice to see you here buddy.
    Gold remain bearish. Still waiting more downside. 1265-1290 is the target alert 2 week ago.
    Have a great week.


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