S&P 500 Sideways Trading Range Continues – New Watch List Additions: CBOU, IPSU, SIFY, WPRT

by Olivier on July 11, 2011

Quick post to let you all know regular website updates will be back next week. Some may have noticed I started cleaning up my public list during the weekend. Today I added the following stocks as I like the underlying sector strength pushing them up:

For now the S&P 500 is still stuck in a sideways trading range. Overall I consider the chart to be neutral. Price is obviously respecting the horizontal lines I drew into the chart a few weeks back.

S&P 500 Index Trading Range Continues Technical Analysis Price Chart

Up-to-date S&P 500 Index chart on my public list.

Considering the fact the next 6 weeks are not the strongest from a seasonal perspective, summer trading typically is extremely tough, the charts now have enough time to set up for a strong directional move starting in September. As we have seen a strong up move over the last week or so this would allow most stocks to digest that move. In any case, no need to rush things. As I mentioned in my last post in June, I typically start out slowly after a long break. I go through my charts, do some scanning, try to develop a feeling for the market and then I initiate new positions. Depending on how those positions develop I start getting more aggressive or I keep exposure to rather low levels. The key is to listen to the market. Forcing trades is always a bad idea. More next week!

If you don’t learn to take small losses, sooner or later you will have to take the mother of all losses. – Ed Seykota

My public list with all my charts can be viewed here:

Buenas noches!

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