Hello Traders...the zigzagman here, showing today's $SPX daily chart...
http://day-trading-the-stock-market.blogspot.com/
The annotations on the chart speak for themselves, but the big question in my mind is will the old resistance level now become a level of Support, or will it fail to do so and we get the pullback I've been calling for a while now...
A close below the old resistance line, a close below the 5 Moving Average, Stochastics breaking below the 80 line, on high Volume will signal to me that the pullback has begun...Pay attention to the Weekly Jobless Claims numbers out an hour before the opening bell (not that I believe a word the Bureau of Labor Statistics ever says...lol)...Leading Indicators and Existing Home Sales both come out at 10am ET...
Happy Trading tomorrow...
zigzagman
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