Need Help?  

1-888-998-3548 or 646-214-7240

Futures Follow Foreign Markets Higher, What Are Key Resistance Levels?

Scott Redler
Mar 8, 2012, 9:15 AM

Futures are strong this morning after yesterday’s bounce from oversold conditions. The Oscillator on Tuesday had a -80 or so reading, a level that usually leads to an oversold bounce. On today’s open, this tool will be getting more neutral and we’ve probably penetrated more than the bears would have wanted during this snap back. A retest of the accelerated uptrend usually takes place, how the market deals with this spot is very important for short term direction. Market participants will have some maneuvering to do in the next few days.

The S&P is opening up above the 20day moving average of 1358 and around the 10day of 1363. If you are an active trader coming in flat.  You should try and fade/short this area at first attempt and not Chase and buy on the open.  If we maintain above 1358-1362 for the first 60 minutes, I would not be stubborn.

Macro investors that have longer time frames had nothing to worry about.  If you take a step back and look at what transpired as of now. When all is said and done, the S&P held it 25% Fibonacci retracement, which was Tuesday’s low at 1340ish. Holding the 25% level signifies a very strong market.

The Weaker sectors that lead us lower- small caps Russell 2000 ETF (IWM), Semiconductors (SMH) Oil Service Sector (OIH)- but they all held their 50day moving averages. That is also healthy action in a strong tape. Some leaders still act well and we continue to see the strongest stocks hold above their 10/20day moving averages as some indices did not.

So take a step back. Evaluate your time frame/commitment and don’t be stubborn in your stance. Let the market do the talking.

Two segments from last Night’s CNBC World Markets segments.

(Scott Redler, Chief Strategic Officer,, talks about key levels to watch for the U.S. equity markets.)

Guest host of CNBC Asia last night- Andy Karsner guest- He advises Governor Romney on potential Energy Policy.

*DISCLOSURES: Scott Redler has no positions

Last Updated ( Thursday, 08 March 2012 09:40 )
© 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 and in person. Through T3 TV, an online video network that is available through, T3 LIVE, LLC provides LIVE pre/post market and stock analysis. Through, 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 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
  8. Global Trading Plus, LP (“GTP”) is the exclusive provider of T3 LIVE, LLC products in Europe, all the former Soviet Republics (dating back to 1991), and Israel. GTP is a separate company and has no common ownership with T3 LIVE, LLC, T3 Trading Group, LLC.