Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Tuesday, October 21, 2014

Midday Chart Update: Up and Over

Stock Market Technical Analysis

click on image to enlarge

After yesterday's closing up against three major resistance lines the overnight S&P futures sold down through the night which of course is not acceptable for Team Yellen, so they opted to come in at 3 AM and run the SPY up $2 from 3 AM to 6 AM which is the equivalent of 20 points on the S&P. They held the gap through the regular session open to cause the S&P to hop completely over all three resistance lines at the open triggering a blistering short squeeze even higher.

Who wanted to deal with those pesky resistance lines anyway?

Trade well my friends


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