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Markets Stage Huge Intra-day Bounce Again



March 16, 2011 – Comments (0)

Yesterday and today, the major stock market indexes have staged a late afternoon rally. Around 2:30 this afternoon the SPDR S&P 500 Trust(NYSE:SPY) was trading as low as $125.38 a share in a heavy volume sell off. Shortly afterward the major stock indexes staged a sharp 1.00 point move higher. Please understand that a 1.00 point move in the SPY equals a 10 points in the S&P 500 Index. Traders should watch for SPY resistance around the $128.00 level intra-day.

Nicholas Santiago

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