S&P500 UPDATE 03/10/2014

Last Update on 01/10/2014 before market hours...

"We have critical support at 1963.14 breach of which will be bad for S&P 500 and any chances of recovery. Longs only above 1975.88 and shorts below 1963.14."

We breached the level of 1963.14 and took support Gann Angle on 1942.73 ( actual low at 1941.72 ) and close at 1946.16 on 01/10/2014. Huge intraday profits for 01/10/2014 from 1963-1943 = 20 points.

The chart above is updated for 01/10/2014 only by my data vendor so no data for 02/10/2014 on it.

On 02/10/2014 the breach of gann angle of 1942.73 we were short again and had target of 1935.09 and next of 1929.33( actual low of 1926.03 taken from Yahoo Finance site ) and close at 1946.17 .

We covered our shorts at 1929.33 and reversed above it again for targets of 1942.73( high at 1952.32 ) and closed positions with no trades open. So we could catch the whipsaw intraday.

For 03/10/2014 we need to hold the price of 1942.73 for positive bias intraday. Any close above the level of 1943.20 will show chances of recovery.  Above 1942.73 we can see recovery upto 1963.14 on S&P 500 . 

October 2014 will be very volatile  seeing astrological events for this month too much happening in one month. So be sure of your trades with proper stop loss and money management rules.

Happy Trading !!!