By John Pisanchik

Today lacked follow through on yesterdays rally. But an important point is that the S&P Cash Index held its ground and did not fall back to 885. It did however meet that wall of resistance that starts at 910 and goes to about 935. So we get back to what I was saying 2 weeks ago, in order for this rally to continue, we must break through this wall. It is holding in well so far. The problem is that the longer this wall holds the market back, the more probable a change in trend can occur.
Tomorrow, expect choppiness again. At this point, we are in a short term trading range, with 885 on the bottom and 930 on the top. Until we break through the top or the bottom, you will see volitility but no real market gain or loss. Happy trading.

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Filed under: Market Opinions

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