Monday, June 29, 2009

Overview of S&P500 via /ES Futures

There is no strong technical information one way or the other. About 0.5% above where we are now is a61.8% Fib retracvement from recent highs to recent lows. Thats 926 on ES

Don't confuse ES and S&P they do vary from each other, I tend to watch just the ES with any occasional look at S&P. SPY is likely to be more emotional, more extreme, more retail.

For the prior posted trade, there was a nice move down that when the market reversed, I reversed the trade....say 3 futures short, when it hit my cover point, I bought 6 long.

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Insightful and Useful Comment!