Need Help?  

1-888-998-3548

Shaking the Tree Ahead of Euro Summit

Scott Redler
Dec 7, 2011, 12:57 PM

They chose to shake the tree a little bit ahead of Friday’s much-anticipated European summit. Look below and I shared a Daily and 60-minute chart of the SPY so you can map out support levels to buy and measure the pull back.

 

We broke a micro ascending channel today that usually leads to a bit of downside probing. You can trade against today’s low of $124.97, and it would be very impressive for the market if that level holds. Active traders like myself are testing long vs. that level intraday.

 

 

A close under that level and we look at two other bullish constructive spots. Support around $124-124.30, which is the low end of the recent upper level. Next support is $123.22, the start of the gap from 11/30. Bigger support is if they get in the gap- I think in order for momentum to stay intact, $122-122.50 should be an area for bulls to defend.

 

 

 

 

*DISCLOSURES: Scott Redler is long SPY, OIH, XLF, NFLX, SINA, POT, LVS.

Banner
Banner

T3 Premium Products - Revolutionize The Way You Trade

Virtual Trading Floor®

Join other traders in the transparent trading community and view live positions, radios and chat.

Virtual Trading Floor, Scott Redler, Live Positions Show Me

The Modern Trader

After the financial crisis and market collapse of 2008, five traders founded T3Live.com to bring transparency and accountability back to Wall Street. THE MODERN TRADER details each of their journeys, along with the most important trading lessons they have learned along the way.

The Modern Trader, new book Show Me

T3 Trading Group

T3 Trading Group, LLC is home to a team of seasoned professional traders with decades of experience trading equities and options. T3 Trading Group is a Registered SEC Broker-Dealer & Member of the CBSX.

Learn More

Off the Charts

Off the Charts is a daily newsletter detailing the favorite actionable chart pattern set-ups of T3Live.com’s top traders. Receive potential short term day-trading and longer-term swing trading ideas.

Chart with Off the Charts logo Learn More
© 2012 T3 Live, LLC
  1. T3 LIVE, LLC is NOT a Broker Dealer. T3 LIVE, LLC engages in trader education and training. T3 LIVE, LLC offers a number of products and services, both electronically (over the internet through T3LIVE.com) and in person. Through T3 TV, an online video network that is available through T3LIVE.com, T3 LIVE, LLC provides LIVE pre/post market and stock analysis. Through T3LIVE.com, T3 LIVE, LLC offers the "Virtual Trading Floor", a community through which independent traders (subscribers), as well as select T3 Trading Group, LLC Traders, observe a virtual trading floor environment (as described below) for educational purposes. T3 LIVE, LLC also offers web-based, interactive training courses on demand.
  2. Subscribers are able to see if traders are long or short and what symbols as part of best practices in regards to disclosure. Subscribers do not see trader' screens, trades or size of positions. T3 requires traders to disclose whether they are long or short and which stocks they are trading to ensure that the community is fully informed and that traders substantiate their opinions. This approach is modeled after the analyst disclosures that accompany commentary on particular stocks on CNBC or other financial news media (as per FINRA Rules 2210 and 2711).
  3. The seminars given by T3 LIVE, LLC are for educational purposes only. This information neither is, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities. You shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.
  4. This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE, LLC or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.
  5. The videos and blogs shown on T3 LIVE, LLC are for informational purposes only. The investment ideas and expressions of opinion may contain forward looking statements and should not be viewed as recommendations, personal investment advice or considered an offer to buy or sell securities. T3 LIVE, LLC statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio.
  6. T3 LIVE, LLC and T3 Trading Group, LLC are separate, but affiliated companies.
  7. T3 Trading Group, LLC is a Registered SEC Broker-Dealer and Member of the CBOE Stock Exchange (CBSX www.CBOE.com). All trading conducted by contributors on Virtual Trading Floor is done through T3 Trading Group, LLC. For more information on T3 Trading Group, LLC please visit www.T3Trading.com.
  8. T3 LIVE, LLC, Madscan, LLC and T3 Trading Group, LLC are separate, but affiliated companies through common ownership.