S&P Hits Resistance and Went Down as Expected
Yesterday I posted about the S&P getting to a strong resistance level and how
every rally since October last year has been killed in four days or less (link
to yesterday&
Local Optima
Weak Support, Strong Resistance
The S&P closed higher for a second day. Some dovish Fed comments from the
Cleveland Fed President and lower T-note yields gave a boost to the Market. The
earning season is
S&P Holding Support
The S&P rallied today but got stuck at the same level I have been monitoring in
the last three days. The rally went from 4,465 to close at 4,520,
Marginal Movements in the Market
The S&P keeps moving sideways after it gapped down on Feb/03. There isn't yet a
good clue about the direction that the Market could take in the future.
Market Reality Check
Supports and resistances are great tools that allow us to study the price action
in depth. The S&P rallied from Jan/28 until Feb/02, that's four Market sessions