Tuesday, June 15, 2010

Another Big Decision

I’m going to make this real simple. The markets have the potential of topping right here, with the S&P at 1,106

The top could be a pause for a day or two and then a breakout above this trading range, or it could be a high that sets up a retest of the 1,040 lows.

The other option is that price clears blast through this 1,106 range.



You can see how important 6/14 is on this chart. Upside resistance above 1,106 are 1,128 1,143 1,173 and 1,260

Downside support is 1,040 1,010 960 and 910

One way or the other, when price breaks out of this range, there is a heck of a lot of money to be made. The Bulls have their shot right here to make things happen. If they fail, then the Bears will get another crack at it.

There is really nothing to predict. All you can do is watch what is happening, anticipate potential outcomes and react to them.

No comments: