By John Pisanchik The market opened at 910.52 on the S&P Cash, traded down and tested the 900 level, with an actual low of 896.46. When the market got there, it looks like it went quite. This tells me that there is not that much of a following to the downside. Price action narrowed up and it slowly started to drift upwards. Once it came back over 900, it looks like some decent price spread started to occur, and it traded back over 910 for a bit and settled at 908.35. This market was choppy as I said it might be in yesterday’s commentary. But what is really interesting is what happened to the price action once it got to the 900 level and just below that. The price action narrowed, which really means that the selling stopped. So the next logical movement is up, which it did starting around 1:30PM. So what do we expect tomorrow? Probably a bit of the same, a choppy session. Today showed no real conviction to run the market down, but the band of resistance between 910 to 935 needs to work itself out, so watch for the chop. Happy Trading.

Filed under: Market Opinions

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