Monday, May 13, 2013

May 13, 2013 Market Action

Today the market poked under the initial support and quickly turned
up making its way to the first resistance area. A small pullback from
there to test the initial suport area was bought and a run through
the first resistance made its way to the second level at 1633.00. Some
profit taking there brought the market back downt o the 1630.00 level
where a small bounce failed and a breah of the 1630 was followed by some
sideways action.

There we some decent moves today around the support and resistance
numbers again. You can see from the chart below how the market
acted around the lines that I had drawn in before the open.


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