Markets Shoot Higher But $133.30 Looms Large
The markets are rallying today on the back of China's official Purchasing Managers' Index. This economic number came in better than expected and has the SPDR S&P 500 ETF (NYSEAMEX:SPY) trading at $132.71, +1.39 (+1.06%). The markets are still stuck below the master resistance level of $133.30 on the SPY. This level represents major resistance on the markets.
Amazon.com, Inc. (NASDAQ:AMZN) reported poor quarterly results yesterday, but it has done little to dampen the light volume float in the markets. Most technology players are higher today.
While the markets remain extremely extended, the light volume float continues. As the markets float higher, the risk of a major collapse grows stronger. For this reason, looking at the charts objectively without emotion because the most important trading tactic in the world. Know your levels and trade the market.