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Sunday, October 11, 2009

Day Trading Post #66

The market looks great right now! Things are set to move up, and on the S&P 500 chart and once we break through 1090, there are no major areas of resistance until 1250!

Many stocks have great setups right now, and the only problem I am having right now is that I don't have enough money in my account to take all the positions I want before we pop up! Hopefully, I have chosen some quality picks that will pay out nicely as we head into this bullish move in the market.

Here is a daily chart for the past 2 years for the S&P 500:



For all you bears out there who like to see things go down, analyze this chart posted on daytradingradio.com... this is a mirror image of the S&P 500 flipped upside down:



This chart is very interesting, and shows that the market should move further down on this chart (which in reality means up since this chart is upside down). Therefore, we should see a significant move in the market very soon.

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