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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Tuesday, October 11, 2011

What's holding the S&P 500 down today?

So far, the near-term resistance level of 1200 is holding the S&P 500 down today as shown on the 1-hour chart below. Beyond that, 1210 is the next level of resistance, while 1190 is the near-term support level. Today's action on the YM, ES, NQ & TF, has been slow, choppy, and compressed as they re-test yesterday's highs...technology is, once again, slightly more bullish. At the moment, Forex and commodity markets are mixed. Basically, there is no real convincing direction one way or the other in any of the markets...we'll see how they close today and what the rest of the week brings.

P.S. The YM, ES, NQ & TF are still trading above "thin ice" as noted in my post yesterday.