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inthemoneystock (< 20)

Stocks Slam Into Key Resistance



October 06, 2011 – Comments (2) | RELATED TICKERS: XOM , CVX , AAPL

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.

Gareth Soloway

2 Comments – Post Your Own

#1) On October 06, 2011 at 3:54 PM, traderbach (< 20) wrote:

Thanks Gareth!

 I'm all cash now & it's tempting to get in on a quick swing today but I need to hone my discipline & standing aside might be that discipline just now.

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#2) On October 06, 2011 at 3:56 PM, traderbach (< 20) wrote:

I meant to say that your views on the subject were the reality check I needed today! 

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