Today the market relaxed from its recent climb up opening at 1000.75, down 4.75 points from yesterday's 1005.50 close. Trading took us to an immediate high of 1001.75 then continued to relax to a low of 990.00 where it hit support and consolidated for the remainder of the day and closed at 992.50.
Today's trading gave us an overall range of 11.75 points from high to low and left our gap open at 1005.50.
Today's trading gave us an overall range of 11.75 points from high to low and left our gap open at 1005.50.
Let's see if this retracement continues tomorrow, with a break through support at 990 our next level of major support is in the 982.00 area. We could see another drop in trading tomorrow, results from Fed's minutes and Treasury budget scheduled for tomorrow may have an effect. Then again.... maybe not. Only one way to find out..... See you at the starting line!
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