ES 1388 Looks like a Long setup

Going long a few right here at 1388 stop is at 1378. Using a biger stop than usual because this is swing trade. Looking for 1425

Edited by arbman, 09 May 2008 - 03:39 PM.

We still could see SPX 1375 in the next few days. The way today it closed tells that many shorts went covered which is a bearish sign for Monday.

We still could see SPX 1375 in the next few days. The way today it closed tells that many shorts went covered which is a bearish sign for Monday.

We could definitely if the Fed does not help here, the price volatility will increase...

On the hourly charts you can see a bear flag late Friday. Also, the 4 hour chart along with the daily mom charts suggest a low on Tuesday. We are cracking an up trend line that goes back to the March low and connects with the mid April low. This suggests a fairly decent down move on Monday. The BB daily and certain lines of support suggest SPX 1345 by Tuesday according to my read. Then we can see a decent rally into OPEX, but it will likely be a failing rally or a 'b' wave of an a-b-c decline that should last into May 23/28. Jupiter signatures Friday/Monday (right now) suggest a terminus to the oil rally and a start soon after of the stock market return or snap back rally.

Blu if it pulls back to the blue channel line below, the green line would become the rally target, I still have the put spreads on the financials, but I closed my put spread positions on the index options yesterday. I will probably try to manage any up or down side with the futures from here, I would rather short the heck out of a weak bounce...