Morning folks. Looks like another gap higher in the market to start off the day with additional news overseas on bank recapitalizations along with some european quantitative easing. After another late day 3pm surge in the markets yesterday we are right back towards a resistance zone. Eveyone will be keeping an eye on the 20dma as thats where we faded last run. We do have a gap in the 1160 zone to also fill that should be todays magnet. Even though its been a nice few days its very important to not get too optimistic. We have seen this show before as the market runs people let down their gaurd a bit and then bam we start to fade hard. As we move towards the 20dma I will get less aggressive and wait to see if we can break it. It is very important that we break this 20dma and get back to the top of the old range any failure puts a retest of the 1075 lows back in play as we now have made a series of lower highs. Great study session led by szaman for members last night. He was teaching for 2 hours with some amazing info on his style big thanks!
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