With all the news that is coming out this week, it very well might turn out to be a week where all the charts and technicals get ignored. But still, it is important to know what are the support and resistance levels to look out for in the indices as a break of these levels might have a long term effect on the technicals.
Support - MA(20) - currently at 1172.85. As I already wrote a complete post detailing the importance of this level, I won't go into it again. Here is the link for that post in case you missed it.
Resistance - (1) MA(200) on the weekly - currently at 1194.22. Weekly MA(200) is where the rally got stopped the last time. (2) YTD highs - 1219.8
It promises to be a wild week. In the spirit of being prepared for any eventuality, here are a few short setups that I like. No matter what you do, please remember to honor your stops this week. Not that there is any excuse to disregard them any week!
Take care and good luck!
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