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Day Trading Technical Analysis

12/24/2008   

Day trading Technical Analysis: 

The markets are in holiday mode with light trading and volume. If you are trading during the holidays you need to be nimble and take profits when you have them.   Most of the indexes have broken above their 50ma. This was a great sign however they could not hold this key support and now are drifting lower and are now below their 20 ma.   

Below are some key levels  to look for:

S&P Daily chart lost the uptrend line and is clinging onto the 20ma. Key support would be 857 – 851   and resistance would be 890-918 .  I decisive break in either direction need to be respected.

SPY Daily:

Is at the lower end of a rising channel.  Horizontal support can be found at 85.5.  Next horizontal support can be found at 81.20.

Here are Fibonacci levels to watch for:  00.0% – 74.37 ,  38.2% – 96.31,  50% – 103.09 ,  61.8% – 109.87 , 100% 131.83

spy-8_29_2008-12_24_2008-daily2

 QQQQ Daily:

Q’s is at the lower end of the rising channel and it is clinging to the 20 ma. Support can be found at 28.75 and looks like it will be tested.

Here are Fibonacci levels to watch for:    00.0 % – 25.77,  38.2% – 34.49 , 50% – 37.19 , 61.8%- 39.89 ,  100% – 48.34

qqqq-8_22_2008-12_24_2008-daily1

 

I noted in previous  post to keep an eye on the US Dollar. The dollar has rebounded after it’s sell off and  has caused equities to sell off. It looks like from the daily chart the dollar may be topping out at around 81.50 area.  If we see the dollar start to retrace lower this would put a bid into the equities markets and commodites.  Great way to watch the dollar is looking at the etf  UUP. 

 Wishing all a safe and Happy Holiday Season!

Quote of the day: “Remember that stocks are never too high for you to begin buying or too low to begin selling”

Jesse Livermore

Keep in mind the trend is your friend.  Have a great day!!

 http://www.keystonetradinggroup.com/

 

 

 

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