The stock market is clearly bullish, but will that continue higher into options expiration (opex) Friday? That's the question for many. For other traders, what spoke yesterday was the morning rebound from hourly chart support (moving averages, levels and Bollinger Bands) and now the S&P 500 looks to make 1168 support on the way to higher projections like the 1180 area (re-read Andre Gratian's update to understand how the market is testing support and resistance levels right now). This may take the QQQQ even closer to the 50.44 April high before the next pullback, which we've been thinking will occur next week. Thanks to Mike Korell, whose ChartsEdge week-ahead forecast showed good movement up this week which helped us prepare ... And here's his forecast commentary from his webpage at http://www.chartsedge.com/wp/ (thanks again Mike for allowing us to post this here). You'll find that his comments address not just today's map but the uncertainty about Friday too:
=============
ChartsEdge Forecast Commentary for October 13
Posted: October 12th, 2010 | Author: Mike Korell | Filed under:One-Day Market Map | No Comments »
Posts
No comments:
Post a Comment