The S&P futures are already trading above Friday's close, which was the high of the week, bullish on both fronts. Last week was an inside week, so we have to look to the prior week for resistance and support of interest. Breaking above 897, the high two weeks ago, would be very bullish and the next stop would be 919. Above 922, it gets very interesting, possibly as high as 958. That would be a 9% up day, rare but not unfathomable.
More likely, the 897 will hold and then we'll test some points on the way down - around 880 and then 856 or so. I think 856 will hold, but if it doesn't, 833 should provide enough support.
Today, I set up HPT's automated trading solution and I've been playing with it off and on all day. I'm not going to make any stock picks this week, as I'll probably just stick with several double ETF's this week so I can play with automated transactions and Bracket Trader.
Thanks,
Joe
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