Tuesday, June 14, 2011

S&P 500 ~ Update ~ 14 June 2011

The SPX opened above the 1280 resistance area then rallied on and almost hit the 1296ish resistance in the afternoon.

We saw these one-day-rallies quite often in May and within one or two days the gains were erased again so we have to watch the next few days very closely.

June 7th-9th looks very similar to June 10th-14th, especially today was almost a perfect copy of June 9th.
On June 10th the market gapped down and then sold off 20 handles. So, if the SPX gaps down tomorrow we may close today's gap or even revisit the lows.

Support is the 1278-80ish area, 1272 (gap) and 1266 (low). Resistance is still at 1296ish and then 1313ish.