Today has got to be a very frustrating day for the bears. They ended yesterday well in control and with a golden opportunity to strike a blow for the first time in a long time. But it was the bulls all the way, with a performance which was even more dominating that that of the bears yesterday. With most of the major earnings out of the way, one would have to say now that odds are in favor of the markets making new highs for the year in the next two and a half months. But keep in mind that just as today was an important day for the bears to follow up on their performance from yesterday, tomorrow becomes an important day for the bulls as they try and come up with a follow through day. The next major resistance level I see on the S&P is the weekly MA(200). This is the level where the April rally was thwarted, so keep an eye on it this time too! Right now, it is at 1195.
On a personal note, I am in the process of changing jobs, so wont be able to devote much time to trading and hence the blog for the next few days. I will try to regularly post watchlists and important levels to watch out for etc but I doubt if I will have time for the daily reviews. But hopefully, things will be back to normal before too long!
Take care and good luck! And thanks for reading.
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