Robert-Hoffman's Commentaries
Stock Index and S&P Futures Daily Report
At current levels (751.25 as of 9:00a.m. ET), to go short, for a scalp, I want to see a break of 750 and the 50MA. I also want the 20MA to turn down for a move that I will readily exit at the 747 area. Beyond that, if we break the 745 level I will look for a short-term play to 742. from there, a break of 742 leads us to 739.50, a level I'd really like to see broken to get excited about larger size shorts into the 735 area. More will be posted in the chat room as appropriate.
To start out going long this morning I'll look for a break of 753.50 looking for a move to the 760 area. That move will likely be with greater size for me and not a scalp as after 760 we switch more into a scalping mode between the 760 and 763 level. If we break 763 I will look to short term trade long into the 766+ area where I will exit all positions and look for a break of the critical 766 - 771 band to the upside, a move that will really get me excited and we'll talk about in the room! So more will be posted in the chat room as appropriate.
Tags: futures | snp500trader | powercharting | robert | hoffman | trading
