Monday, April 6, 2009

S&P Weakness Calls for Short Entry; April 6, 2009

The S&P futures sold off sharply early this morning and pushed the RSI to a new low on the above 4 hr chart which should pull price down hard as well like I've been expecting. Risk is clearly defined at the prior high with a stop at the 849 level. If the expanding channel above holds, then the S&P futures should get to at least the 790 level before bottoming which makes for a good risk/reward trade.

No comments: