April 30, 2013 Market Action

The market opened up at the initial support and quickly traded below heading down to the 1582 suport area The buyers came in there after a second test and a move to the 1588 area was underway. A small stall there and hte market was able to push through. That setup for a long opportunity as the market came back down to test the 1588 area for a move up to the next resistance level at 1592. A rejection of that area was followed by a test of the 1588 support and after some sideways action the market just poked over the 1592.50 resistance area at the close. I marked the highest probability trade of the day on t the chart. Whic turned out to be a resistance turned support area.