Tight Rotational Pattern

There is no recording today, as not much happened in the Market. The Indices were range bound for most of the day and traded in a short-range until the last 15 minutes when some buying came in and they tested the highs of the day. The Russell and Transports are still diverging with the SPY showing the most strength, if you can call today’ last minute rally strength.

542 is short-term support for the SPY. Resistance is the high of today and then the 550 area. In the QQQ support comes in around 474. Resistance is today’s high and above that is about the 487 area.

The IWM continues to rotate around the 200 level. Immediate resistance is 203. Support is in the 198 area and below that 197.

It would be nice to begin seeing some longer-range price development in either direction.

Leave a Reply

Your email address will not be published. Required fields are marked *