Good morning folks so the market is looking at a slightly flat to negative opening. the market is digesting currently the news from the S&P possibly downgrading european sovereign ratings so far we have not seen too much negative reaction to the news. 2 weeks ago all these countries were about to go under so this news is coming a bit late in the game.
Yesterday was a typical day when faced with key market resistance we tested the 200 day moving average before pulling back. The intraday action past 2 days has been a bit shoddy with late day fades. This is normal when faced with key resistance levels, very rarely are they broken on 1st try especially after a straight bounce from the bottom to the top of the range. im lightening up my overnight positions till we break the 200dma and november highs or pullback. 1st line of support underneath is the 20dma on the s&p. That would be a nice load zone and aLSO work off this overbought condition we are in. Till one of these 2 things happen expect some choppy action
not too many gappers today for watch on daytrades: fro, pphm, are on watch both look interesting (from my trade-ideas scanner)