SPX was round-tripped Monday 27 points from the high to the low, closing about unchanged on a light volume doji. It was a day of consolidation and testing. Today's Volume was lighter than Friday and with that lighter volume we could test Friday's lows, but not the high. We did move sharply to the downside after the initial high of 1141, right on down to 1114. Now 1114-1115 can be a tough nut to crack here as it was originally on the way down... at any rate we got a bounce there today right back to unchanged on the day. We do have another run at the 1138 and 1145 short term resistance available for a gap up again tomorrow, since not much was proven either way today, so that's what we're looking for, a bounce on the open and then we'll see if there's any legs to go higher.
Today the SPX gapped up into a high of 1148 and tanked...
Nasdaq -
From Today's Nasdaq Forecast (Snippet)
The way we ended Monday leaves room to try another gap up into 2360 or higher. We would expect best hourly resistance in the short term at 2374..
We gapped up to 2372, made the high at 2374... and that was it for Tuesday on the upside...
EUR$ -
The Eur$ bounced off the overnight lows... and is trading inside the expected trading range we gave you last week of 121.5 - 1.245. We have not tested the 121.5 just yet, but it does look likely but first we should be able to retest 1.245... one of the reasons we do expect a bounce at least overnight in the Euro and the futures.
EUR$ failed to test 1.245 Tuesday falling just short at 1.2442. We tested 1.2150 in afterhours.
EUR$ Support Update Here:
http://tinyurl.com/2clnuhv
