Stocks Slam Into Key Resistance
Stocks ran into a master resistance today. The S&P 500 hit 1159. This is a three bar surge on the daily chart and a major resistance point. The markets are now eying the Non Farm Payrolls report tomorrow at 8:30am ET. After a 7.5% move up in the last few days, smart traders and investors are taking profits to protect themselves. The S&P 500 is trading at 1151.
The rally is broad based with only the oil stocks like Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) not participating. Apple Inc. (NASDAQ:AAPL) is also under pressure after Steve Jobs died yesterday at age 56.
While the markets continue to be strong, the 1159 on the S&P 500 is the level now. Should that get taken out, upside to 1182 may be seen. Trade cautiously into the Jobs Report tomorrow and the weekend. Europe is a ticking time bomb and could explode at any minute.