Tuesday, August 23, 2011
S & P 500
Good evening everyone. Markets looked pretty firm today and we had a rally. People really brought in the money and we had a EOD small run.
But lets not get ahead of ourselves yet. We still need some confirmation in order to call this a re-test, or bottom or reversal. Today we saw people come in with some money however this could be due to what Bernanke's might bring to the table on Friday.
What you want to see is the market cross fully over some of its resistance and break out of the channel it wants to build. Currently we are putting some pressure on the bears, however what ever Bernanke brings to the table will either make or break the market.
I advice to continue keeping light until we see further confirmation of the market turning. However there some good setups, however some of the stuff is coming overbought.
Keep cool and Trade-Smart.