Correction

More like 1312.50 than 1314 for support

1332

So we gapped up into the 1332 which is the 78.6 Fib retracement and we have since sold off. Nice set up but it caught be off guard as this week and the first of the month is usually strong but we are seeing some adverse market reaction with Bernanke's speech.

Next major support is 1314 area

early weakness

Early weakness here surprisingly for the first of the month but looks like the unrest in Libya and rise again in Oil has equity traders on the fence.

Interesting read

http://finance.yahoo.com/banking-budgeting/article/112189/who-owns-the-us?mod=bb-debtmanagement

Seasonality

Seasonality of the first week of March is more than often positive. I would take this into account for this week's trading.

Set ups

Looked on three excellent plays over the weekend that are forming perfect bull flag. Good things is they didn't confirm today as of yet so I am just sitting and waiting on confirmation- That's why it is not good to jump on stuff without correct entry as your risk reward will decrease. I will update.

Need to watch

Just watch a documentary called "Collapse". It is a must watch, it is available on netflix. Awesome for the financial geeks