The S&P 500 opened at 1120.25, at/or near yesterday’s 1st resistance level. It was 6.25 points above the previous day’s settlement at 1114.00.
Selling pressure auctioned price down to fill the “gap”. The opening range price discovery (A-period) found support at 1109.25., 10 points below yesterday high.
Initiated buying stepped in and auctioned price up through the range to 1123.50, yesterday’s 2nd resistance level. The initial probe up to 1123, encountered a sell response and price pull-back back to 1118.00, G-period low. The pull-back found support and buying interest rallied price up to 1133.
Selling pressure at 1133 resulted in a pull-back to 1126, K-period low. However, late in the day, during M-period, price rallied higher, auctioning up to 1142, today 2nd resistance target.
High volume responsive selling (see today Volume at price report) at the M-period high auctioned price down to 1135.00 today’s settlement.
Today’s high at 1143, is 75 points above yesterday’s low at 1068.
Support
1118.00
1109.50
1092.00
1073
1068
Resistance
1144.00
1151.00
1158.50
1170.00
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