S&P 500 - September 2, 2010 - Intraday 2

Well, tomorrow's the much ballyhooed job number (I think, or some other econo-number).

We have had a good push to the top of what I had considered a first range of resistance (1070-1090), the top of which coincides with 55 EMA.

Our box has delivered its first target.

So, I thought some profit taking/hedging/insuring might not be a bad idea.

This has been another day of solid breadth. I think it will take the McClellan's into positive territory, we'll see tonight when I can get the data.

My next range of resistance is 1090-1100, which, coincides with the lower half of the 2nd upside target of the box we talked about.

As for support, as long as S&P stays above 1065-1070, it's either rallying or consolidating.

So far, the move from the low looks very clean and impulsive.

Have a Nice Afternoon!