On the S+P 500. Does anybody else here think todays movement broke through the resistance indicated in the last 6 trading days? Setting itself up for a up day tomorrow.
Hello Richard,
I would think (and my technical analysis knowledge is NOT in-depth) that the S&P has resistance at 1490 and 1540 for lower and upper levels, respectively. However, in the last couple of months indexes have been having an easy time moving right through resistance levels - even on low volume.
That being said up through, down through or contained rangebound are all real possibilities. I however feel we will traverse rangebound before resolving further through to the upside.
Tomorrow is anybody’s guess. Futures have only indicated the open, up days have been numerable, pullbacks have been very finite. You’d think the uptrend would have somewhat of a pullback at some juncture in its upward trajectory, however traders these days are full of optimism and the market is frothy - trade accordingly.
Gilbert aka paYsenSe
