S&P 500 Day Trading Course Gap for Mar 18, 2010 Support and Resistance
So here we are, into new highs once again. Highest close this year and since the lows of a year ago, all on these average moves of low volume and tight ranges the last few weeks. Leads me to think of two possibilities, either nobody really thinks prices should be here and the only money going in is the Fed’s $$ which is apparently running out, or everyone is waiting to see what happens since this is a new area this year and things may get to it once some of the larger news items are released with enough good news that people feel it is “safe” to get back in the game.
Let’s see what happens. Yesterday was another tight range day, only 8 point range for the day. Next Target level to watch for will be the 1200 area, and support somes in at 1150. Watch the volume and keep you eyes on short term support and resistance levels, prices tend to be “Sticky” when there is no Market makers moving things. And be patient, that’s all we can do for now. Wait and when the time comes make the move that matters.
See you on the starting line!
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