S&P 500 and Dow daily

Thought I might start a new thread for an opening forecast for the day on the above indices and any thoughts during the day. A Calender of today's events to start with.
Everyone welcome to contribute including system salesmen showing off their products etc.
I will use 3 indicators
1. neural network - more weekly than daily
2. swarm technology
3. my own view

 

17th March
7.30 am PPI/mm forecast -0.2%
1.00 pm Bernanke testifies
(pp Forex Factory)

1. neural net ( weekly) 1.7 range -2/+2
2. swarm -9 range -100/+100
3. mine +1 range -3/+3

 

Shorterm, all markets have rsi of over 80. Definate overbought territory here. That said, overall it looks like the next upleg is underway but a 200 point pullback could happen at anytime. Everyone seems to be expecting a selloff at resistance levels here and a 10% pullback across the board.

 

I use support/resistance levels a bit. From an EOD plus view:-

If already holding long positions, I would look to partial profits on any retracement to 1,116.7000. Traders with remaining long positions after profit taking should consider placing exit stops in the region of 1,105.4000. Be prepared for a potential short term price fall back to the 1,141.0356 area.

 

I try to combine a longer EOD view with an hourly view :-

If already holding long positions, I would look to partial profits on any retracement to 11,561.0000. Traders with remaining long positions after profit taking should consider placing exit stops in the region of 11,534.0000. Be prepared for a potential short term price fall back to the 11,597.7939 area.

 

Looking fairly flat till the open.
2.30 pm here but must be hell on the West Coast ! Up at sparrow-fart

 

flattish for hours but may be about to take off up.
I'm long

 

Looks like its stalling so out for a small profit

 

4.0 pm ( 11 EST ) still looks uppish to me

If already holding long positions, I would look to take partial profits on any retracement to 1160.9. Traders with remaining long positions after profit taking should consider placing exit stops in the region of 11,56.1. Be prepared for a potential short term price fall back to the 11,61.4 area.

Suggested standing placement of fail-safe stops...
If Long -- exit all contracts at ... 1153.4
If Short -- exit all contracts at ... 1167.4