Profit Taking Likely Today As Futures Give Up Some Gains

As I had mentioned on last night's Trading Video, we should see a modest sell off today as most institutions are going to take some profits off the table before the next (hopeful) leg up in this intermediate rally for the bullz. So, all in all it should be a fairly quiet day for once which gives me time to look over many more of my charts searching for the best trades out there. Oil has also dropped nearly 3% this morning as of this writing. Thank goodness I advised members to take profits on our (OIH) long position yesterday which locked in nearly a 12% return in a week or so. Not bad for a counter-trend oil trade these days! As usual, here is the S&P support and resistance targets for today. I don't think we will get to any of these, but if we do you all will be ready. Remember that yesterday's levels were almost perfect (only 1 point off) for an intra-day retracement...