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Ugly day but long term support held

Thursday, 18 August 2011 15:25

I will not get into trying to pick bottoms and that is not the purpose of this blog. The purpose of this blog is to get the reader to understand that homework matters and many times it is the difference between gains and losses.

I follow the S&P futures contract, currently the September contract is the focus. In doing my homework this morning and seeing that the futures were getting hurt before I started my work, I looked for major support. That level was determined by having to to a weekly chart and seeing an area of importance from May through Juy 2010, the levels being 1120 to 1130.

At around 3:30 pm today, this security made a new low at 1128.25 and started to bounce finishing the day a full 16 handles (points for newbies) above that level. A great entry point and one that was very visible for those that put the effort that is necessary to make yourself rich in this business.

Was that you? If not then go to the contact us page and sign up for my trading course. If it was you, then great job and keep it going.