May 7, 2013 Market Action

Today the market opened up just above our first resistance area. It came down to tag it and made a run for the second resistance area. Selling hit the market there and a strong push down thru the 1615.00 area to the 1612 support zone. Buying came in at the initial support and the market busted through the 1615 resistance. A test of the 1615 resistance now support followed, which was a good place to get long for a move back up to the 1620 area. The market ended up breaking the next resistance at 1620 and then it turned to support and a test there was another spot to get long for a couple of points. Check out the chart below and notice where the arrows point to the way the market reacted to the support and resistance levels. Knowing the levels is one thing , and trading around the levels is another. The ebook shows you the setups I use to trade around the levels. Pick up a copy today.