Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Jeff Cooper: Stocks Look Set to Head Higher


From the Buzz & Banter: The market is shrugging off yesterday's reversal.

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Get Jeff's commentary plus day & swing trading ideas each day with a FREE 14 day trial to Jeff Cooper's Daily Market Report.

The market is shrugging off Wednesday's reversal.

A 10-min SPDR S&P 500 ETF Trust (NYSEARCA:SPY) chart shows that following a pre-opening snapback to yesterday's breakdown pivot at around 183.60, the SPY pulled back to undercut yesterday's lows. If there was going to be downside follow through and acceleration, it should have played out from the first snapback, which would have led to a decisive break of yesterday's low rather than just an undercut.

The normal expectation from yesterday's key reversal from record highs in the SPY at a test of a test of the December 31, 2013 highs would have been a multiday give-back at the very least.

In addition, the SPY has retraced more than 50% of yesterday's range. This also suggests higher prices.

It will be interesting to see what happens if the 185 strike is approached again as someone has been protecting that turf with authority since the end of December.

Ten-Minute SPDR S&P 500 ETF Chart From Yesterday and Today With Pre-Opening Action:

Twitter: @JeffCooperLive
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos