Daily S&P

Hi Everybody,

After the sharp fall on the S&P in the last few days it makes sense to start to look for “potential” support areas. I have to stress that I am NOT “forecasting” that the S&P WILL continue to decline (Forecasting is impossible by anyone), but what I am doing is “preparing in advance “if” the S&P reaches these areas.

Again, I am NOT forecasting that a reversal “will” unfold there, just preparing us in advance for a price zone to be wary of “if” the S&P enters it.....

Thanks, Steve

PS, yes it is a typo in the chart, it should be 867 not 967 :-)

5min FTSE

Hi Everybody,

It was a quiet day on Friday, because the US markets were closed, but as we have already seen the FTSE gave us a nice TS3 sell on the 3min chart. This was then followed by a nice TS3 buy on the 5min Chart, see chart on the right for another +4R Profit (ignoring slippage and commission).

So the FTSE had a good day, even if Murray did not quite make it. But congratulation to Roddick for a very good game to get him to the Final. And what a Final, Federer to win in such a long game was brilliant, almost as good as last year’s final. I am not sure how many of you are Tennis players, but we do have some amazing players to watch at the moment !

Anyway, back to trading.............. let’s see what this week brings as the USA come back after its holiday.

Thanks

Steve