Stuck Between Resistance And Support

November 24th, 2009

Yesterday was fairly big for the markets. Still, on the daily chart we are well below the breakout of the trend-line on the SPY. Notice that even though we are rallying, it isn’t breaking through to major new highs.

SPY

On the intra-day chart here is what we have for support and resistance.

SPX

Another gem I wanted to share is BAS. It’s forming a very huge wedge pattern base and if it holds it could move higher very fast. The only problem with this is that it’s an energy company and I’m not crazy about energy right now as a long.

BAS

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