We had a very nice pop on the market today. I didn't think that it was going to hold, but the majority of the gain held. In 4 days of trading this week what have we ended up with? nothing. We had a big drop on European news Monday and today why did we get a pop? European news again. So the entire week was based on nothing. Same news different day and it will drive you nuts if you listen and read it.
Below is a chart of the past 4 days in 15 minute increments.
The Next chart below is the S&P 500 daily chart and you see by the primary green line that $1330 is the key. We need to hold this. If this fails I believe that the market will collapse quickly to $1300 to $1250. So now we wait. Let's see what the next news event will be to drive this market. Hopefully in due time, maybe some reall finanicial information will actually drive it.
Below are the current gains and losses for the week. Not really that great even with todays big move.
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