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As Expected - right into resistance. Expect a drop today - Trading High Probability.com 05.28.10

|Includes:BP, DO, ESI, HSIC, IYM, Monsanto Company (MON), QQQ, VECO, XEC, XME

 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 ).
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Stocks: MON, QQQ, HSIC, ESI, IYM, DO, BP, XME, VECO, XEC