Monday, May 6, 2013

Market Update

I hope everyone had a nice weekend!  Otherwise regarding the market, there's nothing new to add at this point, the market is up slightly today - here's the daily S&P 500 chart that I'm monitoring; as you can see it's been in an uptrend channel since November.  After last Friday's big pop on the jobs report, I'm watching to see if the SPX can tag the upper trend line (or get close to it) of this channel - that's resistance and would be set up a low risk short because a tight stop could be used - i.e. short resistance when possible vs chasing oversold sell-offs.  

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