Thursday, November 5, 2009

11.05.09 - Positive Internals, Resistance at Prior Highs


Equities prices began to struggle as they neared the prior reaction bounce highs from October 29th.  Today's economic news was largely positive, but naturally there will still be trepidation going into tomorrow's big jobs report (aren't they all?), which may keep the lid on what remains a very positive day both from a price and internals perspective.  I meant to mention yesterday that the short-term MACD component began to move higher.  If we are able to break the morning highs in the afternoon session, I'll look to SPY $107.15 as next resistance.  Meanwhile, yesterday's highs/ today's VWAP are providing good support.

PS - Thank you to those who pointed out the Mrkt Metrics gadget isn't loading.  Let's hope the good folks at Google Finance get their act back together.  Maybe one day they will even make it compatible with IE!

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