Will Resistance Hold?

motaman1985 Updated   
SP:SPX   S&P 500 Index
We got to 3800 yesterday and it's really testing resistances at this level. So do we move higher from here? If you look at the DOW, it's actually above it's 50 MA and at resistance as well. And yet, 74% of stock are still trading below their 50 MA. We are still in a Bear Market, so we have to remain Bearish. Did you look at the volume we had yesterday compared to Friday? The amount of volume we had yesterday was about half of Friday's. Also a cautious sign.

Still sitting on my hands and waiting for a clearer picture. Remember, 90% of trading is patience. Overall, I think Markets still expect the Fed to stay on track or even slow. Google is to announce earnings today, and Microsoft after market close. We could just hang out in this area today, push higher (because the market still has room to go higher) or volatility can start to kick in. Be patient and trade the market in front of you. Happy trading everyone!
This has potential to get to 3900 so we gotta watch it. The end of today will say a lot. Always good to zoom out and look at the bigger picture before any execution.


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