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PeakTrader.com Economics, Portfolio Optimization, and Technical Analysis
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arthur Guest
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Posted: Fri Nov 05, 2004 5:43 pm Post subject: SPX Channel |
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The first chart is a SPX daily chart that shows a trading channel. RSI is overbought and perhaps SPX will fall to around 1,150 sometime next week. However, OEX (S&P 100) Nov puts may be buys on bounces next week and SPX Nov options may be traded the following week, which is options expiration week, since SPX options will be much cheaper (the higher strike price reflects larger time value, which will decay enough during options expiration week). If SPX falls 16 points to 1,150, then OEX will fall roughly eight points. The second chart is a SPX monthly chart that shows heavy resistance at about 1,180 (see price by volume, i.e. circle). Perhaps, SPX will trade within the channel up to resistance and then break the range to the downside.
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