$SPX Daily: Market pushes right into price resistance levels and the upper BB.
$SPX Daily: If we break above 1,258, the next cluster resistance area is 1,274.
$SPX 60 Minute: Do we have divergences ready to roll on the MACD and has the move up exhausted itself? I like the idea of a little down then up to 1,258, then we'll have to see. It's not really bearish unless we can get back below support.
My Watch List: I didn't have time today to look for trading ideas.
JNK: Boom goes the risk on indicator. From resistance to the prior peak in one day. This is a great place for a little consolidation.
From My Trading Desk: Today worked as good as it gets. The market gapped and ran, and our longs on DE and AA performed as expected pushing higher out of patterns. Since I was going to be away from my computer most of the day we sold our full long on DE for a one day 3.5%ish gain and our fractional AA long for a 1.5%ish gain.
The market is now testing significant resistance levels, so taking the longs down seemed appropriate from that perspective. I still think we get a firm test of 1,257-1,258. We might need a little consolidation tomorrow and then another push up to get that done.
We have solid support at 1,230 and resistance at 1,258 and then 1,274. I'd still like to see some kind of pull back.
Happy Trading.
J.D. Rosendahl, Rosey