May 8, 2013 Market Action

Today the market opened just above initial support and a quick poke underneath was quickly rejected. That was the clue that we might see higher prices. The market moved up past the initial resistance and continued higher busting through the second resistance level at 1625.25. A small pullback held the old resistance now support and the market made a run for the 1628.00 resistance level. Another test of the 1625.25 support followed and the buyers came in againt o test the high. That was followed by some sideway action and the market came down to break the support at 1625 and test the 1622.25 area where the buyers came in again to take the market past the high for the day. On the chart I have outlined the best trading opportunities based on what I cover in my ebook. Check it out.