Day Trading – The Bullz And Bearz

Back To Work – S&P 5 Week Rally Ending This Week

April 13th, 2009

I hope that everyone had a great 3-day weekend. I know I enjoyed the time off with family and friends. I know that after weeks of non-stop market action, it was great to step back and reflect on everything – trading included. Per the headline, last week was the 5th week that the S&P closed positive. As such, I am very confident that we are going to close net down this week – even if it’s a small close down. We need to start realizing that bull markets do not form in 5 weeks and need to re-test lows for more confidence. Pull-backs and consolidation are very natural and frankly needed during rallies. Below are the updated S&P intra-day targets. If you remember from Thursday, we rallied right to my resistance level where the markets got stopped dead in their tracks. So again, I suggest that you watch these levels very closely today.

 

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