By John Pisanchik

Today’s session was extremely positive. We opened at 886.07 in the S&P Cash and moved higher straight away. The powerful support level at 885 held and even the 900 level did not hold the rally back. We closed at 909.71, which puts the index just below that band of resistance again which is 910 to 935. Expect a choppy market since resistance can come in at any place within that range. However, since the market did find support where it should have, and volume was decreasing on the way down last week, the market is poised for a rally. Don’t be surprised if today continues yesterday’s rally. In a perfect world, I would like to see the index close above the 925 level today. This band of resistance will add a layer of randomness. Happy trading.

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Filed under: Market Opinions

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