By: Scott Redler
S&P reached as high as 1105 this morning. As I stated this morning, today is not the time to “get excited” and initiate new positions into the third up day into big resistance. The first zone I put out was 1104-1107. You still need to enter and exit this market to stay involved.
Prudent traders took some profits into the emotional up gap, and some quick traders shorted for a profitable morning move into that zone. It would be nice for the markets to settle out next week and hold higher. This will create new pivot points for great momentum trades.
There will be all type of set ups as we move forward. Break out trades! Momentum trades! Even some beaten down oversold catch up trades! I will try and have them for you here. Lots of action so relax this holiday weekend and get ready for a busy September. See you Tuesday.
P.S I will be in the CNBC MSFT BAND from 3:00 -5:00 if you happen to still be in the office and in front of CNBC.
