10.21.13 All-Time Highs for S&P index

Last week, the battle in Washington was settled (at least for now). The market, which had been struggling to gather volume conviction, finally made a definitive statement–new highs on big volume. This ended the correction and rocketed the Nasdaq to new multi-year highs and the S&P to all time highs.

Prior Day High (1740.25) should be considered initial resistance as sellers filled-in all buyers during prior session. Pullbacks are buyable as long as Prior Day Low (1727) holds. Violation of PDL would suggest buyers are done and sellers become more aggressive, targeting 1722 – 25 zone…Below that level and 3D CPZ comes into play 1716 – 21 zone.

On the upside, if buyers continue to materialize in sufficient quantity to overcome supply, then 1746.50 – 1749 zone is in-play.

Good Trading…David

Habitude Eight
I can recover from any setback. I have an attitude of abundance. I affirm abundance in the universe. I know I cannot begin to count the stars. I realize the ocean doesn’t care whether I go to it with a bucket or a teaspoon. I know the market provides a river of opportunities. I invest in my capabilities. I will be happy with my results.

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