Monday, June 18, 2012

News Break or just resistance?

The market over the last 5 mins or so has made a nice little pop higher, I don't see any news out, but it coincides with the area of major resistance which the market needs to cross above and hold for a short squeeze to come in to play. For now, I'm assuming this is a technical move above the major resistance level which we have been watching. I am cautious though on this move unless there's some incredible news backing the move, a.m. trade has a lot of volatility and a lot of game playing.


SPY in the last 5 mins or so crossing above major resistance from the SPX top, volume picked up on the move which would be expected on a technical breakout as stops are hit and some longs (very few I suspect) come in to the market.

I'll update the 3C opening indications.

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