The Market is Going Up: Overhead Resistance Levels

Club members, the market is going up!

Overhead resistance levels are at the following levels:

1231.70 - 13-day moving average (daily)

1285.84 - 50-day moving average (daily)

1285.69 - 200-day moving average (daily)

1290.76 -13-day moving average (weekly)

Today was key and more important then Monday, Tuesday, and Wednesday of this week. We have record levels of inside buying. Check. We have record panic of retail investors as money flowed out of mutual funds at record levels. Check. The resistance level at 1148 this morning was taken out with ease. Check. The rally's momentum is increasing from oversold levels. Check. All 30 members of the Dow Jones blue chip 30 are higher right now. Check. The S&P price has moved up above the oversold level. Check. The RSI is above oversold. Check.

The market is going up, right now, as I type.
We will look to exit at an overhead resistance level, either on Tuesday, August 16 or Friday, August 19.

This is a good time to go long if you are a short-term trader.

The bounce is on.

Your lunchtime writer,

Wink