The S&P has rallied the past 2 weeks off the monthly S1 pivot point. The 50 day moving average above and open gap at 1350 should put a lid on the rally this week. Financial Astrology is calling for a market meltdown sometime in the next 2 weeks before a July rally starts. Some are calling for a drop to 1150-1200. Caution is the word for the next 2 weeks!
Trading is a visual game. Buy support and sell resistance. In my 17 years as a trader, I've learned where support and resistance using a combination of MPG. I take Pivot Point analysis to a another level. Join my new Pivotalpivots.com Alert service. Follow me on Twitter @mpgtrader. Or click on the MPG Trading link below, and join myself and other MPG Traders live(during market hours).
1) Protect your capital 2) see rule #1 3) don't trade what you think, just trade what the charts say 4) use stops on all orders 5) never let a winner turn into a loser 6) never buy R2 7) never short S2 8) 3 losing trades in a row= strike 3.......shut down the computer for the day. Something is wrong in my head!
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