Hey Traders,
I got all the rants out of my system in Victory for the Bears? post at the close, now a short sweet and to the point TA post.
Bullish sentiment set a new high today, levels that have not been seen in at least 3 years, if ever (stockcharts doesn’t go far enough to look):
Green overshoots?
As for resistance levels there is not much to change, here’s the weekly SP500 chart from EOD yesterday:
Dip buyer levels from yesterday;s update were surely bought up, with one marking overnight low, the other intraday low, here are support levels to watch tonight/tomorrow:
Firstly will be looking for 990.75-992 support/resistance band, with bigger retracement level + S/r level + 200 ema hourly to act as support in 984-985.5 area. If bears get some mojo together to get below that level I will be the first one to hurry up and post more support levels.
As always will be watching intraday technical and internals developments and tweeting them via @esecfutures as well as posting key charts on the blog. EOD updates will also be posted.
Initial claims will surely kick off the fun tomorrow at 830am EST.
Good luck and great trading to all
Vlad