Robert-Hoffman's Commentaries
Stock Index and S&P Futures Daily Report
At current levels (689.20 as of 8:00a.m. ET), to go short, I want to see a break of 685 and the 20MA turned down. Keep in mind that this will likely be for scalps only as the 200MA is currently hovering down in the 682.50 area on the 15 min chart. After that target is met I'm looking for a break of the 680.50 level (Daily PP) for a move down to 677. A break of 677 will likely lead us to the 670 area where I will look to exit in full once again. More will be posted in the chat room as appropriate.
To start out going long this morning for scalping plays I'll look for a break of 690.25 (Daily R1 level). That will lead me to scalp long until 693. If 693 is broken I will look for scalp longs until 696. If we do break above 696, I'll look for a move to 700 and will likely trade that with more size. Beyond 700 would be another favored trade looking for a move up to 704.50 (Daily R2 level). More will be posted in the chat room as appropriate.
Tags: futures | snp500trader | powercharting | robert | hoffman
