My Level To Watch S&P 500

I have gone back to some old patters and charts I use to work with. I don't know why I got away from them. Today's headline was Bridgewater Associates has an option position on the market. Is that really news? If this put position is 1.5 billion and they have 150 billion under management, is that really news? I would think that would have every day. If I had 150 billion, well I am sure I could turn it into 100 billion in not time!

Reading that article brought me back to looking at potential levels to trade off of, and what levels might hold some clues for where to guess things could go next spring.

Both of these charts are the S&P 500 Index. The horizontal blue lines are levels projected off of the opening range of the year. The number currently under scrutiny is 3102.73. Trying to short above this number is going to be met with buying. It is not worth fighting the noise in this area if you think things are overvalued and going lower. The distance between lines in 94.11 points. So once under 3102.73 there is enough of a move to make some decent trades. The Dow 30 is in a similar situation. I don't really follow the Dow 30, the number in the Dow that correspond is 27,919.60. So the DOW is a safer short, but with those 30 stocks, it only needs one of them to push through area. HD was a weak stock recently. No telling what next week's news will hold.

These are the levels I am watching. Is anybody watching anything better? I sure hope so.