Wednesday, October 26, 2011

Gaps, Gaps, Even More Gaps

Trading range in SPX is established. We have a top at 1256, bottom at 1075, and mid at 1166. We are going nowhere fast until EU cleans up the mess.
There are gaps below and above. My feeling is we push to close 10/21 gap @ 1215 first.
Below that there is a remaining open gap @ 1156.
One gap is looming above @ 1254.

Have fun trading these!

Update Oct 26 5:20 pm
SPX rallied on the back of China saving the world.
It sure looks like 1254 gap may become a magnet for tomorrow's session.
We came 6 points short of filling 1215 gap today.
Market is wild and very unpredictable due to European news headlines.
Be careful out there...

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