Robert-Hoffman's Commentaries
Stock Index and S&P Futures Daily Report
Note: This was the 03/11/2009 Commentary which did not make it to TraderPlanet. It is being provided today for archival and learning purposes!
Last nights video at http://traderplanet.com/Video_Ed/index.php?page=videosion=view&vid_id=100338 is really a “must watch” for many of my friends and colleagues here. I would encourage you to review it several times to get that “feeling” burned into you’re brain when you start to “justify” why the market is acting the way you’ve determined it “should be going!”
At current levels (723 as of 8:10a.m. ET), to go short, I want to see a break of the 20MA and it turned down, even for an aggressive short. Keep in mind that this will be for scalps only as the 50MA is rising and currently hovering down in the 720 area on the 15 min chart. If we break the 720 area I will look for fresh shorts down to the 714 area. Should 714 broken then I will look for shorts to 709. More will be posted in the chat room as appropriate.
To start out going long this morning I'll look for a break of 727. That will lead me to trade long until 734.50. If 734.50 is broken I will look for longs until 739.50. More will be posted in the chat room as appropriate.
Tags: futures | snp500trader | powercharting-com | robert | hoffman
