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!
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