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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 2007.22 down 12.20 today. Michael began by noting, “The last month and a half the market has gone nowhere and has begun to coil tighter.” It broke down last week from a upward trend going back to December and has been hovering around support which could be a bearish sign. If it continues to break down, it could test the longer term trend going back to November 2011 at near 1900, he surmised.
It has fallen below the 50 day moving average of 2045.64, and is still above the 200 day moving average of 1967.04.
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The Chart of the Day is Silver Wheaton Corp (SLW) -
Analysis of SLW Volatility Chart and Dividends from TradeKing’s Brian Overby -
Technical tools used:
Brian Overby’s paper trade strategies based on Michael’s analysis - Long Call Spread Long Butterfly with Calls Brian’s Paper Trade - Long Call Spread Brian’s Paper Trade - Long Butterfly with Calls
TradeKing Options Tools used:
- Detailed Quotewww.tradeking.com/events www.tradeking.com www.TradeKing.com/ODD additional risks and multiple commissions Commissions + Fees page
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