Thursday, we wrote that we expected the market to lift a little bit and we should watch the SPX rise into the 1,116 area and the DOW to rise into the 10,350-10,400 before hitting some major resistance. At these levels the QQQQ will be right into its 135ma, the SPY & DIA will be poking its head just above the 200ma. Just because we have or will have rose above the 200ma doesn’t mean that everything is fine again. Remember When drawing your resistance lines, draw them with a thick marker and not a fine line. Above you will see the DIA, SPY, QQQQ coming into the dashed lines that represent their respective resistance levels ( the while trend line represents the 200ma, yellow represents 135ma, the cyan represents the 50ma and the purple represents the 20ma ).
For more go to.... tradinghighprobability.com
Look for our YouTube Video for the weekend Review at:
www.youtube.com/watch?v=uytbR700zYk
By submitting your email address, get video alerts for free.
Disclosure: None
As Expected - right into resistance. Expect a drop today - Trading High Probability.com 05.28.10
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.