Tuesday, January 31, 2012

Market hanging in there

Well the market finished basically flat today.  At the open we shot up through the 1320 level in the S&P.  If you look at yesterday's chart of resistance levels, you will notice the 1320 level was a pretty strong move ahead of consumer confidence numbers (which brought us back lower).  We did however make a higher swing low from the previous day at the 1306 -1307 level; followed by an intraday higher swing low at 1308.63.  From there we spent the remainder of the day attacking the 1313 level of resistance in the form of a high base intraday.
We will see how this plays out tomorrow; barring any negative news from Europe we could continue upwards; possibly working back up towards the 1320 level.  Hope everyone had a super day.  Take care and see you tomorrow.
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