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Michael Noonan Edge Trader Plus Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he... More
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  • S & P - Lacks Stability. Patience required. 0 comments
    May 11, 2010 8:44 AM

    Tuesday  11 May 2010

     There is no compunction to be involved in the markets everyday, save for
    the non-professionals who "feel" the need to catch every move each day. 
    We have talked about the parameters being established for a developing
    trading range, and it would be a healthy process for the market to undergo
    at this stage.

     You can see why the 1180 area is important as resistance for any rally. 
    That level acted as previous support, back in the old days when the market
    was calmer and ranges were smaller.  1185 is also where supply took over
    in the market, last Thursday, so watch HOW the market responds when/if
    price rallies to this key level.

     Initially, the 1136 area may offer some support on any breaks.  It was the
    Friday high, noted by the horizontal line just below current trading.  Should
    that give way, then we can expect a retest of the Thursday-Friday lows...not
    all at once, but over a period of several trading days.

     There is no edge to be had in trading either side of the market, for now. 
    Up 46 points one day, down 13 points another day leaves a lot of room for
    error.

     Wait for an edge.

    S&P 120m 11 May 10

    Themes: S P, SPY, QQQQ
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