Markets Gap Into Resistance

The SPDR S&P 500 ETF (NYSE:SPY) opened sharply higher today on the back of continued optimism on the global economy. Things remain somewhat quiet in the Middle East, Japan and even Europe. The markets have adapted to the craziness of the last month and at this point, unless something new happens, the markets seem to be in rally mode again.

The SPY opened higher at $130.40, just below a major neck tie resistance point on the daily chart. This level is made up of the 20 moving average and the 50 moving average. In the short term this may keep the markets from breaking higher.

One of the other positives for today in the market is Best Buy Co., Inc. (NYSE:BBY). Best Buy reported better than expected earnings this morning and is sharply higher. Durable goods orders and jobless claims were also reported approximately in line with estimates.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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