Looks like a lot of people were waiting to play off that level
Showing posts with label resistance. Show all posts
Showing posts with label resistance. Show all posts
Thursday, March 25, 2010
Wednesday, February 17, 2010
Wednesday 02_17
Another mostly choppy low volume day. The SPY did present a tradeable pattern in the early session after a false breakout (2B Top). One can either be aggressive, and fade the breakout (as everyone was expecting heavy resistance at this 1100 $INX level), or wait for the move to take shape and enter on a pullback and target the previous day's highs (PDH) or the Previous day's Close (PDC).
ADV/DECL issues and UP/DOWN Volume leaned neutral to bullish throughout the day, perking up towards the close.
Curiously, the SPY and UUP traded similarly throughout the day...
....which sets the stage for a breakout of one or the other. Should equities break out a test of overhead levels will make or break this recent corrective move.
The SPY has $110.50 overhead
IWM could get pretty dramatic if it makes a play for $63.25
The Q's have a 61.8% retracement at the $45 level
and the DIA actually broke above it's 50% level and found support on previous resistance ($103)
Which all seems pretty bullish, until you look at the Daily charts and start seeing these gap-up, narrow range dojis and ascending wedges. 
While the Dollar sits in the upper range of a tight sideways consolidation after strength to the upside
either one (index or dollar) could have a blow-off moment. Equities could fall from here with a breakout of the dollar and perhaps hesitate at the lows should the dollar come back to test Resistance-2-Support ($24 on UUP).
ADV/DECL issues and UP/DOWN Volume leaned neutral to bullish throughout the day, perking up towards the close.
Curiously, the SPY and UUP traded similarly throughout the day...
....which sets the stage for a breakout of one or the other. Should equities break out a test of overhead levels will make or break this recent corrective move.The SPY has $110.50 overhead
IWM could get pretty dramatic if it makes a play for $63.25
The Q's have a 61.8% retracement at the $45 level
and the DIA actually broke above it's 50% level and found support on previous resistance ($103)
Which all seems pretty bullish, until you look at the Daily charts and start seeing these gap-up, narrow range dojis and ascending wedges. 
While the Dollar sits in the upper range of a tight sideways consolidation after strength to the upside
either one (index or dollar) could have a blow-off moment. Equities could fall from here with a breakout of the dollar and perhaps hesitate at the lows should the dollar come back to test Resistance-2-Support ($24 on UUP).
Wednesday, January 27, 2010
Fed day bounce
The S&P found anxious buyers at the 1084 level. Now we gauge how far the deep pockets are willing to ride this thing. Should be gap up tomorrow we should be looking for whatever dip there is to be bought. I suspect we would likely get a rally of some sort tomorrow, should Bernanke be confirmed for another term?
The first level of potential resistance is around $110.50 on the SPY. Should we test higher, the range between $113-$114 will be significant.
There's a lot of bounce potential out there; take a look into GS and FCX:
The first level of potential resistance is around $110.50 on the SPY. Should we test higher, the range between $113-$114 will be significant.
There's a lot of bounce potential out there; take a look into GS and FCX:
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