Shaking the Tree Ahead of Euro Summit

December 7, 2011 Scott Redler

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.

(click to enlarge)

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.

(click to enlarge)

Disclosures: Scott Redler is long SPY, OIH, XLF, NFLX, SINA, POT, LVS

About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

Visit: T3Live

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