Robert-Hoffman's Commentaries
Stock Index and S&P Futures Daily Report
Note: This was the 03/09/2009 Commentary whichdid not make it to TraderPlanet. It is being provided today for archival and learning purposes!
Morning commentary Thursday and Friday was broadcasted live from down by the CBOT. That seemed to work out well and I may do more of that going forward. As you saw last Friday's live commentary proved to be quite accurate once again. Finally, don't forget to keep your eye out for the next YouTube video, it should be out in the next day or so!
At current levels (676.25 as of 8:15a.m. ET), to go short, I want to see at more defined break of 677.The two bars leading up to 8:30a.m. ET only closed point beyond each other giving me little in the way of two bar break confidence as of yet A break of 677 will likely lead me to trade down into the 670 area. If that's broken, I will look for a move down to 661.50 and more will be posted in the chat room as appropriate.
While I won't get excited about longs too much prior to a break of 686, I will look for some scalping longs up to that level if the 20ma get's moving to the upside. I will be watching closely where the 50 and 200ma's for exits in those scalps. If we do break above 686, I'll look for a move to 693 where we'll exit existing positions. Beyond that a fresh break of the next level up 696 will get me looking for 700. More will be posted in the chat room as appropriate.
Finally, updated weekly levels have been posted at http://www.powercharting.com/traderresources/keyweeklylevels.html
Tags: futures | snp500trader | powercharting | hoffman
