Monday, October 18, 2010

Higher high

A fresh higher high today and virtual no resistance from here to 1220, the April high. Of course we are not going to go in straight line towards 1220 and tomorrow is probably going to be one of those down today judging from the futures drop after IBM and AAPL Q2 results. Needless to say that we still have a bullish EMAs crossing on 60 minutes chart and price is above the rising five days SMA.

On daily chart I think we should keep an eye on the two possible support levels, 1130 and 1150. As I said there is virtually no resistance from here to 1220 except, maybe, the level SPX touched today, 1185, the level where I've got a bearish EMAs crossing on the way down, at the beginning of May. Sometimes these levels where the market made huge turns up or down function as levels of support or resistance. Sometimes!

As usual my eyes are focused on EMAs crossing on 60 minutes chart.


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