The Walls of Resistance

By Zenhunter – Thu Jan 3, 2013 2:06pm – No Comments

Take a look at the daily SPY chart below, I see three walls of resistance waiting for the bullish price action to tackle.

No wonder price action is taking a breather today.

With the debt ceiling crisis looming over us in a couple of months, will the bull has the firework and the will to break through the three walls?

Giving today lackluster price action, I liquidated all my swing trade position and is sitting on 59% cash.

Yes, I’m taking a breather today as well.

My current holding is all position trades (AMRN, LRAD, USU, & EMAN)

Trade well!

Previous Posts by zenhunter

Major US	US Futures	Europe	Asia	Commodities	2yr Euro Yields	10yr Euro Yields	Oil
DOW 15,354.40 0.80% NASDAQ 3,498.97 0.97% S&P 500 1,667.47 1.03% VIX 12.45 -4.74%	SPX 500 (CFD) 1,664.90 -0.07% DOW (CFD) 15,341.00 -0.09% NASDAQ 100 3,021.90 -0.23% EURUSD 1.284 -0.02%	UK 6,723.06 0.53% GERMANY 8,398.00 0.34% FRANCE 4,001.27 0.56% SPAIN 8,582.40 0.47%	H. KONG 23,457.00 1.62% JAPAN 15,386.00 1.64% KOREA 1,985.22 -0.08% SHANGHAI 2,299.33 0.72%	NAT GAS 4.13 1.75% GOLD 1,342.50 -1.63% SILVER 21.34 -4.49% COPPER 3.31 -0.41%	FRANCE 2YR 0.19 -10.90% GERMAN 2YR -0.03 -314.29% ITALIAN 2YR 2.18 27.59% SPAIN 2YR 2.81 8.21%	FRANCE 10YR 1.86 -0.96% GERMAN 10YR 1.33 -0.38% ITALIAN 10YR 3.90 -2.04% SPAIN 10YR 4.21 -2.35%	WTI 95.79 -0.24% BRENT 104.58 -0.06% WTI/BRENT 8.79 321 CR SPR 21.96 10.04%