Monday, August 1, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 1 August 2011

After the SPX hit 1304 on Friday it turned and closed lower for a fifth consecutive day at 1293.

This morning we're back at the 1304 resistance and it'll be interesting to see whether we can break it or close the gap.

Since it's the first day of the month and the market gaps up I think we could get a trend day (i. e. no gap close and a break of 1304 and a run-up to 1316-20 (similar to Sept, Dec, Jan, Feb, ...). But we'll see what the market has in mind.

Edit 9:50 AM: The 1304 resistance held and it looks like we'll close the gap. Support below is 1280-85 and then the 1260 area.

Today is the Swiss National Day so I won't be trading and this will be my only update for today.

See you tomorrow. ; )