10-6-14: Continuation of the Thu/Fri bounce may be the path of least resistance early on. But I am a bit skeptical of how far the bounce can carry. Levels I'm watching and deem important are marked. The market did break out and close above the old trend line from the ATH's and that should help short term. Should market continue up today, the 198.28 level may be a cause of resistance short term.
Futures trading nice and steady at the moment. No economic data being released today so not sure equities would move much in either direction IMHO.
SMP99
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we've moved up 50 pts on S&P in basically day and half...so could be chop for the day. possible retest of the downtrend line we broke out of.
giankee
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I'm with you on that but given the nature of this bull market, a day without economic data usually means an up day. Would like to see a retest of the recent downtrend line myself too. I'm more inclined to think S&P is aiming at the recent highs again though not as easily as it went last time (August rally).
giankee
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Tested the trendline and bounced off of it. Quite a bit of a range today. I'm bullish biased if we close above the 5-day SMA.