S&P 500 – DJ-30 – Russell 3000 all hitting overhead resistance.

As of Market Close 11.02.2009 (yesterday) we can see clearly from the charts that the S&P-500 could not close higher than 1111 which it has attempted 7 times previously. So today and the next few days will be interesting. The same pattern is evident in the Dow Jones Industrials resistance at 10471 (yesterday’s close) and the Russell 3000 resistance area of 646 is also proving sturdy. The Russell 3000 attempted to break through this area 6 times and failed. So what will it be today? I suspect a lackluster day as volume drops off and stocks slide gently south, however I could be wrong. If we see a dynamic market and a strong break through these resistance lines it would be a very positive signal. We are still in an uptrend on the major averages but I think some sideways motion is on the cards at least for the short term. Keep an eye on the resistance levels and be ready to pounce when the time comes.

May the trade be with you.

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