S&P 500 close = 1110.32

Signal = L/L

Position = N

Another consolidation day in the markets. Hard to make money on these days if you are a trend trader like myself. I was able to make a little profit on TNA during a mid-day upswing, but lost some of that profit getting whipsawed during the end of the day going short and then long and then short again. Again, sometimes if you trade the shorter time frames, it is just part of the game. That is why stop losses and money management is so important. Even though I got whipsawed out of positions today, I still came out ahead at the end of the day (but not by much).

Tomorrow's price action, only god knows. Although both long and short term trends remain up, I haven't a clue which way the big boys are going to take this market tomorrow. The S&P 500 ended on an upswing while the Russell ended on a downswing. I am flat going into tomorrow morning. Levels to watch for tomorrow:

S&P 500:

1113 - recent high resistance

1102 - new short-trend support and area of 50% fib on the shorter time frame; a break of this will reverse the short-term trend back to down

Russell 2000:

605 - recent high resistance

597 - new short-trend support and area of the 38.2% fib on the shorter time frame; a break of this will reverse the short-term trend back to down