MomentumOptionsTrading.com Midday Update for 7/1/2013
Stuck in the Middle
We mentioned in the Weekly Wrap last night and in the Daily this morning there could be some bullishness to start the week as new money flowed into the market. The back tests from last week failed at resistance and today’s action has been much of the same. The charts we sketched up over the weekend detailed the break out of the “symmetrical triangles” and the test to the 100-day MA’s (moving averages). The rebound to resistance could turn into being something more but let’s see how the close goes.
Economic news from around the world has also come in better-than-expected for the most part and while there are still worries over a China slowdown, a pickup in Europe will help improve their numbers in the coming months. Of course, global economies are still fragile and growth estimates have been coming down so its too early to call a bottom on anything, including the market.
The resistance levels we have been mentioning are once again in play and if we were playing the daily Pick 3 or Pick 4 lotteries, we would be banking..
The Dow is up 127 points to 15,037 while the S&P 500 is higher by 15 points to 1,621 The Nasdaq is advancing 42 points to 3,445.
We have updates on our current trades and some on our Watch List that could become official trade recommendations today or later this week so stay locked-and-loaded! Subcribers, check the Members Area for the updates!