Hi Everybody,
Mike has been sick for the past few days, however he was
able to check his spreadsheet to see if there was a
directional bias for Wednesday.
Mike's RBI Oscillator is in sell territory and his 3 Day
Thrust is extremely overbought. When this combination is
present, the market has a hard time going up. In fact, this
same set up was present last week before a drop of about 20+
points on the SP500. The key support area is at 1277.50 and
then if broken, then the 1273.50-1272.50 looks like it must
hold or a big turn down could occur. The key resistance
overhead is currently at 1297-1298 area on the ES.
Don't forget tomorrow is a Fed Day.
Hopefully Mike will be better enough tomorrow to send a
regular update. But, we'll have to see how he's feeling.
Good Trading (from Mike),
Julie
TradeStalker.com
Thursday, June 30, 2011
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