By John Pisanchik

The market continued to rally as expected, to a high of 956.53, with a close of 954.58 in the S&P Cash index. This puts the market at a double top from a technical perspective, so today (7/22) will be very important since if it hesitates, sellers could come in to move it lower. I am still looking at the 2 possibilities for the market. One is that the 955 level does not hold and the next leg of the rally starts, and second, the resistance level here holds and we have defined a trading range with 885 on the bottom and 955 on the top. Today will give more clues to that. Happy Trading.

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