kunal00's  Instablog

As always mother market never does what she is expected to. We heard everything last night. Market going to roll over from bearish divergences. POMO is over so there is no catalyst. We are topping out with signs of distribution. No sector leadership. But in the end price action is the only that pays. After sucha  big run up in September having 5-6 days of consolidation is healthy. That is what we had. In the end none of the indicators mattered as.  The ROBOTS and the buy programs are still in full force here.  Today much like many days in September we gapped up in the morning and moved steadily higher all day taking out every piece of resistance and doing it easily.  Now that we have closed above the dreaded SPX 1150 line. That huge level of resistance that goes back from January it now becomes support.  All stops will be raised now under that mark.  The next stop is SPX 1175 but with the bullish move today all indications are that we can break over that next level of resistance with some backing and filling next couple days.  Bottom line no matter what the data is that coms out. Bad unemployment, gdp, whatever it maybe.  Till this SPX 1150 is taken out the argument favors the bulls and trading on the long side.

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Disclosure: Long SPX via SSO