Good Morning!
Pre-market futures are pointing to a slightly lower open as of this writing. Still no automotive bailout bill over the weekend as the UAW remains firm in their convictions for wages. The
FOREX markets are moving again this morning (dollar weakness) which is helping Oil raise again. I've told everyone about this relationship many many times before and I'm glad to see things shaping up nicely. You may want to check my archived posts which clearly show why I've been short term bullish on Oil and short term bearish on the dollar.
UUP and
UDN still remain as some of my best holdings and have seen great percentage moves last week after hammering out a huge base!
Below are my targets for the
SPX for today and the week. As always, weekly targets are in purple and daily levels are in green. Note: At each higher or lower level my bet for a reversal (either long or short) goes up. So, for instance, if we rally to 912 I will place a small trade for a daily reversal. But, if we blow past that level to 934, I will place a bigger bet for a daily reversal since we have moved so far. I think posting these levels could give you great targets for daily trades on the
SPX.
