With all the economic releases and earnings reports coming out this week, it should provide plenty of volatility for short-term traders. I'll be trading very lightly this week, if I put on any trades at all; not due to the economic #s and earnings but because I have a technology project I really need to finish up, so I'll be dedicating the evenings working on the project. It's a win/win since it may actually keep me out of trouble during this volatile week, and it provides even more trading capital :-)
In other news, My Trading Rules were mentioned on The Kirk Report, which was very cool and as a result I now have a few more people following along on this Blog. Glad to have you guys here.
Some numbers to keep in mind:
865.75 - Previous week high
831.50 - Previous week mid-point
823.50 - Previous week close
797.50 - Previous week low
Based on Historical Volume Trends (where majority of the trades occurred), the 817 - 822 area is important, and then the 848 area.
Here are some Fib levels I'll be keeping an eye on this week (60-min chart)
817.75 - 50% retrace
807.25 - 78.6% retrace
849.94 - 38.2% extension
If you have any questions, or have your own S/R numbers you'd like to share, please do so by utilizing the comments section.