Key Algorithm Calculated S&P 500 Support/Resistance Levels: 4540 (LARGE) / 4530 (LARGE) / 4500 (SMALL) / 4480 (MEDIUM) / 4440 (SMALL) / 4420 (SMALL) / 4400 (SMALL) / 4385 (MEDIUM) / 4360 (LARGE) / 4330 (SMALL) / 4225 (LARGE) / 4160 (LARGE)
Assessment: Market sold off a little on Friday. It was nothing exciting, but definitely showed that resistance is holding for now. I don’t have much to go by today. So, I won’t waste your time with a lot of fluff and no substance. I basically want to see what we do for the first few hours on Monday. It really is my strategy every Monday because it often dictates the week ahead. Does the volume return after two quiet days Thursday and Friday? Do we move up or down? How does she handle support and resistance regardless of the direction we go. Once I get some answers to these questions, then with the information from the algorithm I can start to put together a strategy. Let’s see what happens and reconvene here around the lunch hour. Good luck in your trades!