The dangers of shorting with a rising 200 day moving average on the major indices was once again seen today, with the market sharply reversing higher after initially fading lower. We had observed the 30-minute SPY yesterday as illustrating the resistance associated after the 07/06 breakdown. Updating that chart today, the key for bulls is now holding over this achieved breakout point. On the S&P 500 cash index, I am looking for 1357/8 to turn into support as another step up the ladder for bulls, after conquering 1335 late last week. However, 1373/4 still looms above as prior resistance from earlier this month.
The market is still a mixed bag overall, but the continued resilience by the dip-buyers sure is sending some good vibrations. Let’s see if it holds.
9 Responses to Intraday Look and Analysis: Good Vibrations
AAPL, Q’s & Rut need to catch up to confirm SPY & VIX.
So far, quacking like a breakout.
OMFG..(as DT would say)
*shaking head* (but LOLing at Xcalibur)
Don’t shake your head too much!
Chess – ‘ been keeping an eye on RIMM for a bottom – looking like we could have a key reversal day if we close positive today. What do you see if you dont mind taking a look? Trying to avoid lacerated fingers…
I see what you’re seeing but I’d keep a tight stop–just below $6.80. No need to get caught in another leg down.
much appreciated mon ami