Monday, July 1, 2013

Knocking On Resistance Door

Today Mon July 1, RTS sells MPEL and buys AET in its place at the open.
Today SPX will hit the crowded resistance band (1620-1635) one more time, but chances are good that SPX get pushed down to retest recent supports at 1600 and below this week.
I'm still waiting for a successful retest of recent lows to execute my fourth and final buy.  I think at this point I'll wait to see if we can get though the resistance band and buy as we back test it.  That would be a close above and back test at 1635.


Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.