Thursday, May 21, 2009

Stock Market Snapshot as of May 21, 2009

All major indices have just made a lower high and are now sitting very close to the previous lows.
If they are able to print a lower low, this might be a good opportunity to try a trade on the short side. I am watching the following levels:

S&P 500 - 878

Russell 2000 - 470

Nasdaq 100 - 1339

Any break below those levels could be a good entry point.
I would place a stop above the previous higher high and size my position accordingly.