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Analysis of S&P 500 from QuickTakesPro’s Michael Kahn:
S&P 500 (SPX) – At the time of this broadcast, SPX was around 1952.67 down 12.15 today. The big news is that it broke down last week below its long term upward trendline going back to November 2012. It is still currently below that level today. It is also below its 50 day moving average of 1973.95. These are all bearish signs. Small cap companies that are in the Russell 2000 index (RUT) are down from last week’s levels. RUT tried to bounce off a reversal bar around the 1083 level but failed. RUT is at a vulnerable support level, and if it cannot hold this 1083 level, making a solid break down, that is most likely bad news for the all the markets.
SPX is above its 200 day moving average of 1903.69.
The Chart of the Day is Priceline Group Inc. (PCLN) -
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Analysis of PCLN Volatility Chart and Dividends from TradeKing’s Brian Overby -
Technical tools used:
Brian Overby’s paper trade strategies based on Michael’s analysis -
Short Put Spread Long Call Spread Brian’s Paper Trade - Short Put Spread (Very Short term) Brian’s Paper Trade - Long Call Spread (Slightly longer short term; more speculative)
TradeKing Options Tools used: www.tradeking.com/events www.tradeking.com www.TradeKing.com/ODD additional risks and multiple commissions Commissions + Fees page
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