Day Trading – The Bullz And Bearz

Updated S&P Intra-Day Levels

February 24th, 2010

Futures look to be edging higher this morning as Ben Bernanke goes to Capitol Hill to address Congress yet again. For now the intra-day chart looks like this. Support and resistance are fairly similar in distance away so it will be all on Uncle Ben to devlier for the Bulls today.

Bernanke will deliver his twice-a-year economic report to Congress, will be under more pressure than usual. It’s an election year for lawmakers, whose constituents face near-double-digit unemployment, record-high home foreclosures and tough-to-get credit, especially for small businesses. The unemployment rate, now at 9.7 percent, is expected to drop only slowly. Many economists think it will take until the middle of this decade for the jobless rate to decline to a more normal 5.5 percent to 6 percent.

Comments are closed.