The S&P found anxious buyers at the 1084 level. Now we gauge how far the deep pockets are willing to ride this thing. Should be gap up tomorrow we should be looking for whatever dip there is to be bought. I suspect we would likely get a rally of some sort tomorrow, should Bernanke be confirmed for another term?
The first level of potential resistance is around $110.50 on the SPY. Should we test higher, the range between $113-$114 will be significant.There's a lot of bounce potential out there; take a look into GS and FCX:
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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