I have to make a trip to the doctor and get checked out for a too-persistent cough; I shall provide updates later this evening. Before I go I want to leave a quick comment here as S&P 500 index futures have hit the round number 1200, and more importantly, are within easy striking distance of retesting the December 3rd highs and any stops which may be lurking just above that level.
As noted here frequently, every test of a swing high is important; retests of a swing high within a relatively tight range spanning multiple days are even more critical. Positions entered today should be moved to a break even stop if at all possible off the intraday charts, just in case.
Also on the just in case theme, before I go I’m moving up stops to just below this morning’s low on the DIA swing trade (we entered very close to last week’s lows) in order to capture a decent profit if these tests fail while I am out. I’ll do the same with a few other positions as well.
If the market can move up from here and make the range high new support, then we’ll be looking for a new up trend to emerge from here.
Reminder: Tuesday 2:15 pm FOMC interest rate announcement.
04.12.13 14:42 #