{"id":955,"date":"2011-08-03T16:25:40","date_gmt":"2011-08-03T20:25:40","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=909"},"modified":"2018-06-10T10:57:41","modified_gmt":"2018-06-10T10:57:41","slug":"the-technicians-sp-500-technical-outlook","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/the-technicians-sp-500-technical-outlook\/","title":{"rendered":"The Technicians S&P 500 Technical Outlook"},"content":{"rendered":"

The following article is an update on the current technical position of the marketplace as I see it. Obviously the price action this week has been ugly as the situation in Europe has become front and center in the minds of traders and market prognosticators. The information below is an adaptation of what members of my service at OptionsTradingSignals.com received early today.
\nThe S&P\u00a0500 sold off sharply earlier this morning and has since bounced higher. Price is drifting lower as I\u00a0write this but on the shorter term time frame we may see a short \/ intermediate term bottom traced out during intraday trade today. It would make sense that prices would rebound after being so extremely oversold.
\nThe 10 minute chart of the S&P\u00a0500 E-Mini futures chart below illustrates the intraday price action:<\/strong>
\n<\/a>\"\"<\/a>\u00a0
\nIf the S&P\u00a0500 does carve out an intraday bottom, the daily chart of the S&P\u00a0500 below illustrates the key price levels that will come into play on a potential reflex rally:<\/strong>
\n\"\"<\/a><\/a>
\nThe VIX\u00a0is trading lower after popping higher this morning. The data coming out tomorrow and Friday may give traders an opportunity to get involved with a short side try on the VIX.\u00a0However, I\u00a0am going to wait patiently for the setup to present itself. Clearly any trade would be a shorter term type of trade as the VIX can behave wildly.
\nThe usual suspects (IYT, XLF, EEM, IWM) are all trading to the downside again today. The financials (XLF)\u00a0are showing relative weakness at this point in time. The rest of the usual suspects are all rolling over quite similarly to the S&P\u00a0500.
\nThe daily chart of the XLF is shown below:<\/strong>
\n<\/a>\"\"<\/a>\u00a0
\nThe U.S. Dollar Index futures are trading lower today and continue to base right at a key support level. If price breaks down we could see risk assets like the S&P\u00a0500 and oil push higher. For right now, the Dollar is trading well above key support.
\nGold futures sold off sharply this morning but have since regained most of the intraday losses and are trading strongly to the upside from Tuesday\u2019s close. Gold is starting to get a bit stretched to the upside and I\u00a0am stalking a potential short trade on gold for the service. It would only be a short term trade, but I\u00a0think a pullback is likely.
\nSilver futures have broken out and intraday price action has pushed silver above recent resistance levels. I\u2019m not going to chase silver here as it could be the beginning of a failed breakout. However, if prices continue higher in coming days or price consolidates at this breakout level I\u00a0will become interested in taking silver long.
\nFor now, the precious metals are intriguing, but I like the price action in silver better than gold as we have more crisply defined risk levels as gold has runaway to all time highs.
\nThe silver futures daily chart illustrates the key levels in silver:<\/strong>
\n<\/a>\"\"<\/a>\u00a0
\nOil futures are trading sharply lower today and are coming into a key support level going back to late June. If those prices do not hold up, we could see oil trade down below the key $90\/barrel price level. At this point in time, I\u00a0am not interested in trading oil, but if price works down into the $85\/barrel price level I\u00a0will be interested in oil as a longer term trade for the service.
\nLastly, Treasuries are really pushing higher recently. I\u00a0am patiently stalking a long term entry on TBT\u00a0for the service similar to the oil trade discussed above. For right now, I\u2019m going to remain in cash and see how price action plays out. Members of my service have been sitting in cash for the past few weeks and we have sidestepped this entire selloff. While I’m sitting in cash for now, I have a growing list of names I am stalking for trades in the future.
\nTake a look at <\/strong>www.OptionsTradingSignals.com\/specials\/index.php<\/strong><\/a> today for a 24 hour 66% off coupon.<\/strong>
\nJW Jones
\nThis material should not be considered investment advice. J.W. Jones is not a registered investment advisor. Under no circumstances should any content from this article or the OptionsTradingSignals.com website be used or interpreted as a recommendation to buy or sell any type of security or commodity contract. This material is not a solicitation for a trading approach to financial markets. Any investment decisions must in all cases be made by the reader or by his or her registered investment advisor. This information is for educational purposes only.<\/p>\n","protected":false},"excerpt":{"rendered":"

The following article is an update on the current technical position of the marketplace as I see it. Obviously the price action this week has been ugly as the situation in Europe has become front and center in the minds of traders and market prognosticators. The information below is an adaptation of what members ofMore<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"\nThe Technicians S&P 500 Technical Outlook<\/title>\n<meta name=\"description\" content=\"The Technicians S&P 500 Technical Outlook\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/the-technicians-sp-500-technical-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Technicians S&P 500 Technical Outlook\" \/>\n<meta property=\"og:description\" content=\"The Technicians S&P 500 Technical Outlook\" \/>\n<meta property=\"og:url\" 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