Yesterday the SP 500 traded up to the .50 retracement and had a high at 1068.50 which was in the area we had been looking for a sell opportunity. This is also in the area of a 127 extension.
If you look at the chart with the 127 highlighted you will see the triangle area that shows previous clustering, Any move up towards that area today will be into resistance and possibly fill the gap at 1071.
We will also be looking for a possible deeper correction down to buy into.
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Leslie Jouflas - founder Trading Live Online, LLC

This entry was posted on Friday, July 9th, 2010 at 8:49 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.