The markets finally decided to let off some steam today. Both SP 500 and Nasdaq got driven back to their 10-day MA. The DOW and SOX also took a hit. OIH gave back 2.19% to close at 156.55. And, GLD slid .7%.
SPX
In one shot, the SPX got pulled back to its 10-day MA. As you can see from the daily MACD, it is getting toppy. But, with the weekly chart still so bullish, I still think that the SPX will break 1500 before this rally is over.
Nasdaq
Nasdaq closed below its 10-day MA, but, was saved by the 2525, now a support, level. It is crucial for Nasdaq to hold this level tomorrow.
So, the markets started off the week on the wrong foot; or, one can choose to look at it as a profit-taking day to close out a strong month. Speaking of the end of the month, I’ll have to do the monthly review tomorrow, since the monthly charts update overnight. But, with the weekly charts so strong, as we saw in my weekend review, we should watch the markets carefully in the next couple of days to determine if this rally can still push higher.
Good night and HappyTrading! ™
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_6.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_6.gif)
4 Comments
Any thoughts on FFIV today?
Hey Happy,
sorry to keep jumping threads. I’m also using ATP with my rollover IRA. I REALLY like everything about it except fidelity has issues with legging into spreads where selling calls against a long call position is not yet supported from ATP even if you have level 2 + option spreads permissions on your account. You can place a spread trade for both sides but if you want to leg in, you have to call in and have them place the STO trade. Do you have similiar issues? I’m seriously looking at OptionXpress or ThinkOrSwim but hate to move.
On this subject, any tips/features (besides the excellent charts) you’ve found in ATP that help with your trading? I’m really enjoying trading/learning from you, Phil and the rest of the group .. thanks for your contributions.
-Brian
FFIV
Rod, I’m still long. Regarding today, let’s see what the markets do.
Fidelity ATP
jeddah62, yes, Fidelity is behind on their options trading tools. Do you use their OptionTraderPro? You might find that more versatile. I like Fidelity because I like their charting tools. But, I am also considering moving part of my profolio to OptionXpress.
Sohu
Tintin, seems to be fighting the resistance at 25.6. Let’s see if it can break above it.
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