The Cat said “Be Careful Here”, SP-500 Weekly Chart July 17, 2009

Last night we produced our of many PSA’s for traders. It is important to love what you do and have fun at the same time. Here is the link http://finz.tv/2009/07/16/psa-james-falvo-get-a-cat/ and we are having fun at FINZ.tv. If you have any ideas or would like to submit your own please feel free to shoot us your idea or your own video, who knows you may become famous but more importantly you may make us laugh and thats a good thing.

Getting back to the SP-500 weekly chart you can see this our second attempt up to the weekly 50sma this year so I would be careful here if you are a bull maybe taking some gains or pulling up your stops. It has been a nice run this week erasing what took amlost a month of a move to the downside in 4 days. The weekly 50sma is 947.57 and the high of the week so far is 943.96. If we do fail here it sets up a weekly Ice Hole Failure Patter, coined and taught by my mentor David Elliott of www.wallstreetteachers.com . We have not had a weekly close above the weekly 50sma since December of 2007 so this very significant. Do not fight the tape but always be aware of the location of moving averages but they create support and resistance zones.

Have a great trading day and wonderful weekend. If I see anything of particular interest or actionable today I will be sure to update here.

**I have no positions as of this writing.