Tuesday, July 06, 2010

Stocks - Traders Sell The Higher Open

Stocks opened higher today but couldn't penetrate the 104 resistance area.  If you look at the above 60 minute chart of the S&P, you'll notice the two significant lows from May and June coming in around the 104 area. Now that the market is trading below that level, 104 should act as resistance and that is exactly what we saw happen today. Other than that, there's not much else to report.  Lets see what happens tomorrow.


1 comment:

Alex said...

There was quite a rally off the lows of last week. I didn't expect that and I don't think many other thought a significant move like that would happen. With 2Q earnings next week the market could be in for some volatility. It all just depends on the second half outlook by the reporting companies. Right now my favorite plays are still the high yielding dividend plays. I think we need to see housing flatten out before we see any significant buying.

Keep up the good work-



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