Yesterday the SP 500 traded down to the .382 Fibonacci retracement on the Weekly chart (see chart from 6/30/2010 blog post).
In our Live Charts Forum we had buy patterns intraday that formed and completed into this area and we were able to buy and follow the run up yesterday.
This is an important support area now to watch.
Resistance should be in the 1030 - 1036 area and will watch for support on tests down. The next resistance area above 1030 - 1036 is in the 1044 area.
Trading for today we will look for range type trading.
These are short term areas to watch that we use to trade intraday from.
Please visit us at www.tradingliveonline.com
Have a great holiday weekend!
Leslie

This entry was posted on Friday, July 2nd, 2010 at 9:00 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.