Last trading day until the New Year 2008 – S&P Emini trading
Well, this is probably going to be my last trading day before the New Year. I have just put on one position and that was a long at 146275 as the market retraced from a swing high and hit the 5 day MA.
I was aware of overhead resistance at around 146500 which is also the 200 day MA. As it bounced up, I saw it struggle around 146600 and the stochastics this time round on the 5 mins was weaker than the previous dip (despite being a higher top)… ie some negative divergence.
The 15 min charts however, look good for a long all the way. I was cautious though and I closed it out at 146600 for a 13 price profit.
At least I ended up the last trading day with a profit 🙂
ps. As I write, the 146600 level is breached.. not sure if it can hold here but time will tell! Next obvious target if it is going up is 146750 and then 147000.
