Monday, June 20, 2011

S&P (ES) Short Caution 6/20

The last few days, piling on shorts on any S&P significant pop has worked out pretty well. But looking at the 4 hour chart it looks like strong divergence is forming and I would be weary of selling in this area. We have another 15 points til we get to the first retracement and major resistance at the 1288-1290 area. At the moment I don't plan on touching this and let it work itself out.

1 comment:

  1. Ouch! still holding my SLV puts. Do you guys see this sideways trading setting up for a fall back to retest the $30 area?