Tuesday, July 6, 2010

Color on the desk- Fast Traders aren't willing to chase Prices Higher !!!! $SPX

  • Color on the desk – so far pretty quiet action (its still the Jul 4 holiday for many and attenance/volumes reflect that); not a lot of sellers around (we first started to notice an exhaustion of the selling pressure early Thurs morning when we traded down to 1010 before bouncing); not seeing a lot of "real" long-onlys participating though on the upside; quicker traders are trying to position for a multi-day bounce, but they aren’t willing to chase prices higher.  Looking at technicals,  the 1040 level, which was such strong support a few wks ago, is now being looked at as strong resistance (we traded up to 1042 this morning but the close will be key). 

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