Happily for the bulls, the market closed yesterday above the May 7 high of 929.50.
929.50 is also the overnight support level. Overnight resistance is 938.75. The market is currently staying above 929.50 with help from a decrease in Jobless claims. Tomorrow morning we get the Employment Situation Report.
If the market follows the usual script, today should be a consolidation day, meaning that today's range should be smaller than yesterday's range. It would not be unusual for the market to test yesterday's low of 922.50. However, any expected improvement in employment could keep the market above 929.50. Another interesting resistance price is 939.50, which has been developing over the last few days.
Charles
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