Wednesday, November 14, 2007

Coming up on Resistance

Every trader knows that an area of support for the S&P since the March sell-off has been the area around 1490-1492. What was once support is now going to be resistance and it may stall this snapback.

Good news is what it is going to take to move through this "sell point". I am seriously considering taking a little off the table for the possibility that we can't get through this resistance on the 1st try.

Here is the chart:

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=4&g=0&id=p14473809506&a=116688257

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