Mar 25 2008
Today’s Trading Look-Back – March 25, 2008
Today was another ticklish one. The levels on the upside were clearly defined. It was the downside that posed the problem. Those upside levels were 1360, above which prices were rejected Monday. Yesterday’s point of control was 1354 and 1357 was an equal value peak. The market opened a bit lower than that.
The closest downside level was 1349, below which prices were rejected, but that one was weakish. You had to go down to 1339, which was the point above which prices had been rejected on Wednesday.
The market rallied up to those two value peaks, providing a really nice sell entry regardless of which one you chose. The problem was when to get out. The 1340 level was a good target, but the market fell a bit short of getting there, so unless you put the target at about 1342 you never got filled on the buy.
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