I could not have been more wrong about buying breaks and 1150 was not as solid of resistance as I anticipated. It worked for awhile but eventually caught up with me. I discounted the fact I was not getting paid on the long side as how the market has been trading. I held one a little too much and went to the well too many times. I also anticipated we needed to test the gap, similar to yesterday. It cut through the gap at 1141.00 without flinching. At that point I was looking at the short side but did not get much of a chance. Today is all about momentum. Upside and downside targets have been hit in the short term chart. HOD is 1153.50 and LOD is 1131.25. End the month and end of the quarter is still today, anything can happen.
Overnight we had the Anglo Banks air their dirty laundry. GDP and Jobless claims did not have the negative affect that I thought they would. We currently have a gap at 1141.00. This is also an place of support. Yesterday’s high was 1146.75 and the high of the week is 1149.75. I see strong resistance in that area at 1150 at least initially. Today is going to be an interesting day. Lots of news, end of month, and end of quarter. Looking to buy breaks and for resistance to become support. Opening range will be extremely important today.
News and Speeches (All times ET)
4:30 Fed Balance and Money Supply
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