Day Trading – The Bullz And Bearz

Once Again, My Resistance Level Was Right On The Money

June 18th, 2009

Honestly, it sometimes feels like I’ve been too right with these daily targets for the S&P, but when they are so clearly defined as they are now, I cannot help but continue to point out how helpful and useful they are. I mentioned this morning and last night that if we saw a rally today it would move quickly to 920 then stop at resistance. From the chart below you can see once again that’s exactly what happened today. We opened up hard-ish then the bullz got slammed by that 920 resistance level…amazing how technical analysis works huh?

 

 

Here is a little gem I ran across looking at today’s top gainers on the NYSE. The candle pattern is a pretty big bullish engulfing pattern which volume to support the move. I would expect a move to the next resistance line in black before it needs to make a breakout.

 

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