Thursday, February 5, 2009

Morning Review 02/05/09

As the market was selling down to 817, the volume of the first 30 minutes of trading was just below average, and the market was sluggish in attempts to trade below 817. After 1000 ET we got a bullish 30-minute candle. The 1030 ET candle found support at 819, which is also the mid-range point of the previous candle's Open and Close range. If there is a reversal, this is typcially where the market will find support or resistance as discussed in a previous post. As the market moved higher, volume increased to above average, which is a good indication for bulls. The market is finding some resistance near the floor trader pivot.

No comments:

Post a Comment