Thursday, December 31, 2009

12.31.09 - Morning Slide to Support

The morning gap was quickly faded to the SPY's five-day moving average. That provided support for one go, but immediately broke.  However, price seems to have found support just below S1 (say $112.30), which is acting as mild resistance. My main 'worry' for the afternoon session, such that it is with the lowest volume of the year, is the rising Vix, keep an eye on that plus the five-day/VWAP as potential resistance.  Otherwise I would guess we have seen the daily range.

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