Monday, June 29, 2009

What was resistance is now support

The bears had a few days of fun ending with a bear flag being completed at 896.  But the bulls were able to regain each piece of resistance back from the bears and now have have support below them once again.  Especially the May lows which the market bounced off and rallied
920 will be key for the market, if it can close above 920 the bulls should have regain the strength in the market. 
The indicators are pretty neutral right now, they worked off an oversold condition and are not giving any clear signals.  I am pulling a Switzerland right now and remaining neutral.

I apologize for the lack of post lately, it has been a hard few weeks, un-market related and needed sometime to recharge the trading batteries. I expect to be back up and running after the 4th!