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S & P - Targets
Thursday, July 08, 2010
by Michael Noonan of Edge Trader Plus
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Thursday 8 July 2010 The 60 minute chart shows our entry from yesterday and where half the position was liquidated. The
upside targets have been identified, as well. The next upside resistance is the 1067 area. You can see
that is was previous support from late June, and it is also a 50% retracement from the 21 June high and
1 July low. Whenever there is a convergence of two or more indicators at one price level, it can have
more significance. It will be important to see how price reacts to it, IF price is able to rally that high. A
failure to reach that area would be a message in and of itself, and a sign of weakness. The longshot target is the upper horizontal line at the 1104 area. It is where price broke important
support for the highs in mid-June. There are a few other potential areas of resistance, but for now, we
will deal with what is, today. 
Recent articles from this author
- Copper - Trending Higher - Wednesday, January 25, 2012
- Swiss Franc - At "Danger Point" Support Area - Thursday, January 12, 2012
- Gold And Silver - 2012 Off To An Interesting Start - Tuesday, January 10, 2012
- Precious Metals - Review Of Annual - Wednesday, December 28, 2011
- Euro Currency - Flip A Fiat Coin - Monday, December 26, 2011
About the author
Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he managed money
in the cash bond market for a $5 billion pension fund using Peter Steidlmeyer’s Market Profile. Proficient in Gann, Elliott Wave, Market Profile, etc, Mr Noonan no longer uses any of those technical procedures. Instead, his primary focus is on developing market activity, relying solely on the information generated by the market itself, such as the interaction between price and volume, and how they relate to important price levels in the market structure. He incorporates proven market principles, such as knowledge of the trend, supply and demand, along with disciplined rules for to find developing high probability trade opportunities. He can be reached by e-mail at his website: mn@edgetraderplus.com
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