Tuesday, February 9, 2010

02.09.10 - Pivot Catapult to R1

What looked like inventory trolling / an attempted gap play found huge support at the daily pivot where strong buying took equities well past their respective five-day moving averages/ first resistance levels.  Internals are very strong even as we pause here at the S&P 500's ten-day moving average.  If we can hold near the five-day (say $107.85), I put the next upside target at SPY $108.70-109.30 [edit] for later in the week.   

12:45 Update:  News is whip-sawing this market heavily, hedging gains here.  VWAP holding for now... crazy stuff.

Never Investment Advice

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