Tuesday, January 5, 2010

Important supports and resistances for winter 2010

I got several emails from my readers who asked me why I don't post as much as I used to. We are very short staff these days, and I don't find time for anything ,hopefully by mid-March or mid-April I will start to post one article a day. Meanwhile if something important happens that I did not mention in this post, I'll definitely write about it.

I will stick to my gun. I believe this is a humongous bear market rally not new bull market. Pay attention to 1085 & 1030 as important supports if S&P500 breaks them you should lock profit and go to cash. Note that 1165-1170 is an important resistance if big institution managed to push the market higher, 1200-1230 will be the major resistance. I can't imagine they could break 1200 level,but in this market anything is possible.

Good luck in your trading.

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