We have had 6 straight days of positive gains. That alone suggests good odds for a potential pullback or consolidation. That would be a short term play to be aware of. But longer term there is still really no strong sign for a major market reversal. The market appears strong and there is really no point in trying to go against it yet.
Monday, January 11, 2010
Possible Short Opportunity
The SPY closed below $114.81 resistance suggesting potential weakness going forward. Tomorrow's open will be telling. There may be a short opportunity if SPY retests $114.81 in the morning. It traded even lower in after-market trading to close at $114.57. We will have to see how the Futures trade this evening and into the morning to know more.
We have had 6 straight days of positive gains. That alone suggests good odds for a potential pullback or consolidation. That would be a short term play to be aware of. But longer term there is still really no strong sign for a major market reversal. The market appears strong and there is really no point in trying to go against it yet.
We have had 6 straight days of positive gains. That alone suggests good odds for a potential pullback or consolidation. That would be a short term play to be aware of. But longer term there is still really no strong sign for a major market reversal. The market appears strong and there is really no point in trying to go against it yet.
Market Continues to Look Strong
In pre-market trading on the SPY, it indicates that we will gap up above the $114.81 minor resistance level. There are no bearish signs in the market right now... However, watch today closely to see if the SPY closes above the $114.81 resistance. If that happens, SPY should reach $116.50...
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