4/18/2013 Market Action

Today the market opened up at the 1548 zone and quicly came down to the 1452.00 area where we got a small bounce that failed and the support zone was broken. We came down to test the 1538 area where we bounced at made a run for the 1548 level again After some sideways action we finally broke through the 1538 zone and made it down to the 1532 area where we bounced again to test the 1538 zone support now turned resistance. The market backed off from there testing the 1532 area again. Having these zones in your trading arsenal should be an important part of your game plan. Along with the intraday support and resistance areas it greatly increases your chances of being profitable in this market. Check out the chart below.