On a day like today it’s very easy to see all that green and want to jump in with both feet and forget about where we are coming from.\u00c2\u00a0 Granted, if you’re swing or day trading today’s move created opportunity.\u00c2\u00a0 But for those not interested in the short term thrills this market has been offering recently, it’s important to keep the bigger picture in mind.\u00c2\u00a0 Despite today’s thrilling move to the upside (or so it seemed thrilling to CNBC), the market is still seeking a bottom and today’s move only gets us to first levles of resistance.\u00c2\u00a0 Nothing more than that for now.\u00c2\u00a0 Let’s not get too excited yet longs.. there is much work to do.<\/p>\n
There is room to run yet before that resistance level is met, so we’ll probably get some more green tomorrow at the open.\u00c2\u00a0 With options expiration it should be an interesting day.\u00c2\u00a0 That was a big time move today, but where is the volume to accompany it?\u00c2\u00a0 Sure it was higher than yesterday, but not well above average.\u00c2\u00a0 Institutions aren’t yet putting money to work but the picture for longs is continuing to improve.\u00c2\u00a0<\/p>\n
Same story with the S&P.\u00c2\u00a0 Some room to run before resistance comes into play.\u00c2\u00a0 There is probably enough momentum from oversold conditions to clear that first level of resistance at the 200 day moving average around 1260 and touch the downward trend line at 1270.\u00c2\u00a0 I’ll be looking for a couple short term short plays there should it happen.\u00c2\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
On a day like today it’s very easy to see all that green and want to jump in with both feet and forget about where we are coming from.\u00c2\u00a0 Granted, if you’re swing or day trading today’s move created opportunity.\u00c2\u00a0 But for those not interested in the short term thrills this market has been offering … Continue reading Nasdaq & S&P500 Rise to Resistance<\/span>