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S&P’s stuck in a holding pattern

Aug 11

Written by: dpavlatos
8/11/2009 6:51 AM

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The S&P’s are stuck inside Fridays range of 890-916. The 916 high was the .318 Fibonacci retracement

from the 2008 lows  and the 2007 highs. We stopped on a the 916 level exactly Friday. Today that is also

the top of the channel. We will need to get above 916 or below 996 for a reasonable move followed backed

volume.For now the FOMC is keeping the market neutral while waiting for the release. It should be another

small range day with chopping trading and low volume.

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About Damon
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Damon Pavlatos’s 25 years of multi-faceted industry experience includes the following: Since 1978 he has held Exchange Memberships on the CME, CBOT and Mid America Exchange. He has traded Futures and Options for 20 years specializing in Index Futures.

From 1981 to 2000, Damon managed the CME Index and Floor operations for Shearson American Express, L.I.T. America, Gerald Inc. and Rand Financials. During his many years in the industry Damon has supplied Technical Market Analysis for various Index Funds, Institutions, and Exchange Members and has been featured at Tradeshows, Futures Seminars and in various trading books.

In 2000 Damon became a Principal Partner of FuturePath Trading LLC® and PhotonTrader.

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