S&P 500 close = 1099.92

Long-term trend = L

Short-term trend = S

Intermediate (SWING) trend = S (12/3/09)
Intermediate (SWING) position = TZA (purchase price = $11.57 AND 11.81)
Intermediate (SWING) stop loss level = 11.35

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

Markets broke down a little today and the short term trend reversed. I bought TZA on the break of Russell 596 and then again at 592. I think we could see a move back down to the lower end of the recent multi-week trading range which would put us at around 1085 on the S&P 500 and around 575 on the Russell 2000.

Levels to watch for tomorrow:

S&P 500:

1097 - small gap and potential support

Russell 2000:

581 - small gap and potential support

S&P 500 close = 1109.24

Long-term trend = L

Short-term trend = L

Intermediate (SWING) trend = L (12/1/09)
Intermediate (SWING) position = None (purchase price = $0)
Intermediate (SWING) stop loss level = NONE

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

Choppy boring day in the markets today after a nice gain yesterday. Markets are still overbought, in particular, keep an eye on the Russell 2000 tomorrow. If Russell breaks 592, short term trend will reverse and cause a sell off. Levels to watch for tomorrow:

S&P 500:

1115 - resistance

1105 - support

Russell 2000:

599 - resistance

592 - support

S&P 500 close = 1108.86

Long-term trend = L

Short-term trend = L

Intermediate (SWING) trend = L (12/1/09)
Intermediate (SWING) position = None (purchase price = $0)
Intermediate (SWING) stop loss level = NONE

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

Well, from oversold we became overbought in one day! I think this trading range between 1080 and 1112 area could last for a while. At this point the markets just keep getting whipsawed by good news and bad news. Not sure what real good news is at this point when the markets are near their highs.

Tomorrow should likely be a day of consolidation which will then setup for a move back down or potentially a break out to the upside from the trading range.

Levels to watch for tomorrow:

1112-1113 - strong resistance due to multiple rejections at this level

1103 - decent support

1082-1086 - strong area of support

S&P 500 close = 1095.63

Long-term trend = L

Short-term trend = S

Intermediate (SWING) trend = S (11/27/09)
Intermediate (SWING) position = None (purchase price = $0)
Intermediate (SWING) stop loss level = NONE

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

My trading has been halted this week due to personal obligations. Thus, I will not be tweeting much this week.

Looks like the markets chopped around for most of yesterday with a decent end of day finish that did not take out the intraday high of 1097. Markets are oversold in the short-term and we could see a bounce tomorrow. Levels to watch for tomorrow:

1099 - a break of this level would reverse the short term trend back to up

1092-1086 - strong band of support

S&P 500 close = 1087.27

Long-term trend = L

Short-term trend = S

Intermediate (SWING) trend = S (11/27/09)
Intermediate (SWING) position = None (purchase price = $0)
Intermediate (SWING) stop loss level = NONE

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

I don't think that I have seen the futures that far in the red since prior to the March 2009 lows. The evening of Thanksgiving the futures market looked frightening after the world markets were down more than 3%. It looked like we could end up being down more than 300-400 points on the DOW. However, the markets proved to be fairly resilient during a shortened session. The DOW opened about 200 points down, but pared a significant portion of the losses by the end of the session. Where does that leave us for this week?

I think the price action last week was quite confusing especially since it occurred on low volume. This week all of the big boys will be back from holiday and ready to trade full steam. I think we will see some major whipsaw action on Monday. I will probably let the dust settle before I decide which way to trade. At this point the longer term daily trend still remains up, in fact, the daily close on Friday was above the 20 DMA which is around 1082. However, the short term trend is now down and will stay that way unless we break the 1100 area.

Tomorrow, I see pretty much a down day with potential for some upside in the early morning. Levels to watch for tomorrow:

1100 - recent high; break of this level MAY reverse the short-term trend back to up

1082-1083 - 20 DMA and also the low from Friday; this may serve as mild support

1071 - 50% fib support on the 60 min chart (for the recent leg up from 1029 to 1113)

THANKSGIVING, MARKETS CLOSED.

S&P 500 close = 1110.63

Long-term trend = L

Short-term trend = L

Intermediate (SWING) trend = L (11/23/09)
Intermediate (SWING) position = None (purchase price = $0)
Intermediate (SWING) stop loss level = NONE

(click on link on the right to see 'swing trade performance')
(ALL OF THE ABOVE ARE SUBJECT TO CHANGE INTRADAY)
____________________________________________________________

Given that tomorrow is Thanksgiving and Friday is shortened session, I decided to close my BGU swing position for 2 reasons: 1) my short-term trend line was briefly breached at the end of the day, 2) Market leadership is waning and things again look overbought in the near term. I only made a small amount on this swing trade, but at least I was able to lock in a profit for this first trade using my new method.

Friday should be relatively quiet barring any major world events. Levels to watch for Friday:

1112 - recent high and resistance

1108 - mild support area

1097 - more significant support; a break of this will reverse the short-term trend back to down