Yesterday, the market held it’s gap open and rallied into the 1327.75 resistance area. It then turned sideways for the rest of the afternoon and closed in the middle of its range. Overall, the market continues to be bullish. The Russell 2000 made new highs on the year. The Dow is not far behind.
Today may see further consolidation, though since it is the end of the month and quarter there may be an upside bias. The levels I am watching today are the 1319 – 1317 area to the downside (gap from yesterday) and the 1327 – 1331 area to the upside (1331 is the old Globex top from early March). If price & volume act right, I will look for a buying opportunity at the lower level and a selling opportunity should the market push higher.
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