Friday, February 21, 2014

Trading Week 17/02/14 (6)

Fri 21st Feb (6.15 pm) It's all about the S&P500!

S&P500: this index is sitting right up under the all time high and at a possible 'triple top' junction:

Like at a wedding when guests have to sit back and wait to dance until after the bridal waltz, I believe that traders are going to need to sit back and wait to see how the S&P500 tip toes around this major level. Will it be 'third time lucky' and make a break up through this major resistance or will this be the turning point that so many traders are speculating about?

I don't think that any clear trend momentum with risk appetite will emerge until after this event. So, maybe grab a glass of champagne and get ready to toast the S&P500 just in case it triumphs here during the US session tonight.

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