Tuesday, June 11, 2013

Equities: All right Kids, I Think It's Safe to Go Back in the Water

4MyLA
In yesterday's rah-rah post, Equities: Where Are We Now? (SPY), I forgot to mention the gap.
My bad.

The S&P closed at 1622.56 on June 6th and opened for business on the 7th at 1625.27.
Not a big gap up but a gap nonetheless:
Chart forS&P 500 (^GSPC)
Today the index traded below the top of the gap, getting down to 1622.92 before heading decisively up and then decisively down again.

Now about filling today's opening gap before heading south again... damn near did it.
(of the 4 points in the gap the index covered two, getting to 1642.81)

Nah, we're going higher.  S&P 1626.13 -16.68.
1622.56 is the first level of support, then the 1598.23 print from June 6.