Opening Play for Wednesday 2/12

Good Morning Traders!   The upward momentum continues as the SPs were in trend mode up after an upside breakout from NR7 day.   The market shuold hold its gains as any pullback will set  up grail buys on the intraday moving averages.  Short any morning rally above 1819.50 for a scalp.  Buy a retracement back to the 30 minute EMA.  The SPs already retraced to the 15 minute EMA at the end of the day.   Main levels to the upside:   1817.25,  1819.50, 1830.  Levels to the downside:   1808.50,  1802.

Bonds  tens and Bunds are all in breakout mode.  They may stay contained in a trading range a bit longer, but the weekly charts are poised for a swing back down soon.  See chart example below.

EC – watch for a buying opportunity should it get a healthy morning flush below the 5 SMA.

Copper has a Buy Day on the 2-period ROC and has put in a second higher low on the intraday charts suggesting trend reversal potential to the upside.

Check out the weekly chart of March Crude below and note the key weekly swing high that can come into play.

Lets look for some good two way trading in the SPs as the market digests Tuesday’s markup.  We are seeing shares making all time highs  still!   Have a great Day!  Linda

 

2-11-2014 11-06-01 PM

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