S&P 500 - September 13, 2010 - Intraday 2

This is what I see


The last of the down gaps (blue) from August peak is now filled.

Market has gone a bit limp, but that may be just normal digestion after such a bigg leap. We'll see how it holds up into close.

RSI has made a freash peak on 60-min frame, but MACD is still diverging.


There seems to be some weakness on the 5-min chart as well.


If I were bearishly inclined, I might start entertain puts around 1090-1100. Puts can be part of a hedging strategy as well. So can be covered calls.

A move below 1110 may change the short term trend (not a guarantee, of course, just a potentiality)

I re-arranged my levels into 3 for now: 1110, 1100, 1085-1090.

Have a Nice Day!