May 10, 2013 market action

The market opened up just under the 1625 area and managed to break through. What looked like a hold above the 1626 area was rejected near the 1629.50 area and the market broke down below the 1626.25 area. A test of that level gave us a good opportunity to get short for a move down to the 1620.00 support level. The market then bounce from the 1620.00 area up back to the 1626.00 level and went sideways for a while before running up to the 1629.50 area at the close.

You can see now the market respects the support and resistance lines through out the day. There were some decent opportunities for trades today even though  we had a mostly sideways day.