Today was the final day of the first quarter of 2012. It was a fantastic three months for equities in terms of percentage movement and it is unlikely that the market will be able to continue the blistering pace. Our job as traders is not to predict but to anticipate various scenarios, wait for price … Read More
Markets are pulling back towards their rising 20 day moving averages; $SPY 139.02 $IWM 82.09 $SMH 34.90 and the $XLF (not shown) has its 20 dma at 1538 which is just below the key level of support found near 1545. The $QQQ remains the most resilient and its 20 dma is further away at 66.20 … Read More
The support in the $SPY has been broken and that market is now below the declining 5 DMA which suggests caution. Fibonacci levels are drawn on all of the charts below and they should be viewed only for “potential levels of support” not a level to buy at. The failure of the $IWM to hold … Read More
