As I've been discussing with Premium Members over the past week or so, the S&P 500 is starting to get into a position for a nice move higher, potentially as high as 1440. On the chart below let's notice a few key parts. First, the 50% retracement of the December lows to the February […]
The simple reason why SPX 1300 is important is because that's where we bounced from today. Two more things I'd like to point out however, that give 1300 a little more resiliency. One, 1300 served as resistance in mid March and two, it's also between the 38.2% and the 50% Fibonacci retracement level.
After trading up in a nice and night upward channel from September 2010 until early March of this year, the semiconductors swiftly sold off by the tune of almost 10% in just eight trading sessions. From quick move down, the SMH has now retraced (moved up) a little over 50%, which also coincides with the […]
Last week I wrote about the nice short setup in semiconductors, with a clearly defined risk stop at an important level. Let's look at the chart of the SMH (Semiconductor Holders Trust) ETF: When SMH found resistance at the 50 day moving average (yellow line) and started moving lower it looked like a classic 50% […]