S&P 500 - June 22, 2010 - Intraday

S&P looks caught in between 55 EMA and 144 daily EMA.

After a calm OpEx Friday, we had a hectic Monday with an outside reversal bar. I don't much read into all this intraday reversal things and prefer to concentrate on price with respect to my levels and MAs.

I have been saying that bulls must hold 1100 and 1090.

I am going to split my levels into 3 now: 1110, 1100, 1090, and use those levels at guidance for possible stops. These are the intraday levels (areas) that bulls need to maintain. I can also look at it as a small box 1090-1110 with 110 as a median.

This week FED does its blah-blah-blah, so, I shall be prepared for some volatility.


Regardless, as I have mentioned, I would like the bulls to take 55 daily EMA and hold it, any sustained price action above 1110 increases the chance of that. Any action in the 1090-1110 box can be viewed as consolidation.

Now, back to watching the World Cup :-)