Stock, Option and Futures Trading

Stock, Option and Futures Trading

SPY Follow Up

In our last SPY posts we were noting the $125-126 level as resistance.

https://wwweminischool.wordpress.com/2011/10/16/market-outlook/

The high so far is $125.80 on the SPY’s so we are in the zone where we could run into resistance and start breaking down. So far the market is strong up in this zone but that can change fast. If we gap down tomorrow we would be careful buying into the gap thinking we come up to fill it. If we do not gap down we would still be cautious on the long side.

Since we are doing this update before the market opens of course we could be wrong and the market opens and goes straight up but we do want to say that we are at the $125-126 zone in case you did not see the prior posts.

SNDK is at symmetry resistance on a Weekly and Daily chart. We would watch that one for puts if the market is weak tomorrow.

Happy Trading,

http://www.eMiniSchool.com

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