Not a bad day, eh?
Seems like we have been reading the market's hand correctly. Friday was a test of support. And today was a gap up -- A gap that has so far held :-)
The gap was right through 1107 pivot. That makes 1107 a support for the bulls to hold.
But before that, I like to bulls to squeeze as many shorts as possible. That is how monster trend days come to be.
Breadth is excellent so far -- that can also be a side effect of burning shorts.
I have bumped up support to 1100 area, below that, we have 1090 -- rising support can guarantee increasing profits in my pocket ;-)
weekly chart looks very good, let's see if it holds or progresses as the week evolves
Daily's above all MAs but reaching the mid-channel
This is a different view of support/resistance using volume weighted price
Have a Nice Day!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago