Markets Stage Huge Intra-day Bounce Again
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.