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S & P - An Additional Chart
Monday, August 16, 2010
by Michael Noonan of Edge Trader Plus
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Monday 16 August 2010 We are presenting this chart to show how past market activity becomes relevant to the present tense.
A previous high on 21 July, 1085, resistance which quickly turns into support on the 23rd and again on
the 30th. Now, with price under 1085, once again, it acts as resistance. We also drew in the little trading range. These trading ranges can be turnaround situations, or more
typically in a known trend, a resting spell. With the trend down, it is likely a resting spell. There is initial support just under 1060, and again around 1054, based on previous support points. The market does weave a story. 
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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