Why SPX 1250 is not just another level, its a big fn deal!

Discussion in 'Trading' started by retaildaytrader, Dec 11, 2010.

Is 1250 the top of the S&P for several months

  1. Yes

    4 vote(s)
  2. No

    6 vote(s)
  1. The resistance was 1225-1230 and we went to 1240 finally. The chance that 1250 is some magic resistance level is almost zero.
    As with any important break what happens next you cannot predict, except more times then not the break continues the trend. If we were still maybe <=1232 I'd say it was an unconfirmed break. 1240 seems pretty significant, especially given the metal weakness built in. If we find support above 1230 on any drops well that to me is extemely bullish moving forward.

    At some point the permabears here have to realize guessing tops is stupid and breaks every single rule of technical analysis.
    Higher highs, higher lows does not mean short the first daily new top you see.
    #11     Dec 12, 2010
  2. Don't be surprised when at some point tonight or on Monday we are touching 1232 or lower on the D's. Its just the way it works.
    #12     Dec 12, 2010
  3. One needs phenomenal reading of markets to become a multi millionaire.

    The problem is many guys and gals dont put 10 years of initial effort to first read the markets and then put the first live trade.

    This trade could be right or wrong..i dont trade SPX.

    I was just putting my 2 cents.
    #13     Dec 12, 2010
  4. many guys and gals make their money in another profession. and don't have time for this market thing.

    most just want decent return and not lose money. and don't care about speculation,shorting,trading or gambling...if they want to gamble they can hit the casinos and play blackjack or slot machines or play lotteries or bet on sports....or daytrade options, stocks.

    people with money to invest or trade in the market didn't make their money from the financial markets.

    #14     Dec 12, 2010
  5. 1550 - 1600 looks much more natural to me as a serious resistance...
    #15     Dec 12, 2010