S&P and EUR/CHF update

Below is the sp index weekly graph. The market is testing the march 2011 lows around 1250. The future bounced from that level and up half a percent for the day at the moment. In the bigger picture , the 80 week MA (blue line), which in my opinion is the critical support, lies around 1206. And the huge support is the 200 week MA(yellow line) , around 1160. Note that 200 week MA is still sloping downwards. To the upside 200 day MA is around 1285 which will act as a strong resistance.And next is the 50 day MA around 1306 at the moment.



I was stopped on my small long position in eur/chf when it made a new low around 1.147. But as I was still on vacation at the time, unfortunately missed to sell 20 day MA on 22 nd of July at 1.189 .Well it had a strong down run from that level to 1.0795 today. But as you can see in the daily chart below, it bounced strongly after swiss central bank announced they will take actions against a strong franc. Well , 20 day MA shorting is still a good game, the markets can easily make a big bounce. It is around 1.15 which also intersects with the break of the down channel.I will try to long close to the low around 1.08 with a tight stop in case it goes down those levels again.