Looks like the 1260 area in the SPX was too much to overcome given Europe's lengthy solvency process. Underlying this, please, please look at the Economic Calendar - the US economy has been improving, is improving and seems to be improving at an even faster rate! Retail sales were good, job claims are amazing, manufacturing data is up. So, maybe, just maybe we will get the Santa Claus rally.
But as you know, I am defensive and I am always looking to protect my investments using option strategies and the forex markets. I will be looking to get defensive for the Dec-Jan period, it is just a matter of when and what percentage. Are you making money off of your investments. Do you know how? If you don't, you should be learning these strategies - especially if your investments aren't keeping pace with inflationary pressures. Jupiter Peak Financial specializes in "making up performance" in bullish, bearish and sideways markets.
Technically, we have SPX resistance at 1260ish and we have support at 1150 and then 1100. There are intermediate support levels using moving averages and Fibonacci's.
Speaking of Fibonacci's, I love the DOUBLE FALL LINE TRADE that occurs when equities trend, retrace and trend again. We had two of them, both on the EUR/USD:
Past performance is not indicative of future results
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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