Yesterday's doji on the daily chart was forecasting the market's sell off that started right after the closing bell, and continued until 10:00 AM this morning, bringing the S&P down 17 points from yesterday's close.
The 20 day moving average on the daily chart at 1190 proofed to be strong support where the bulls took over the weakness offered and brought the index back up to overbought territory at 1210 resistance, if we continue higher tomorrow and break through resistance at 1213.50 the next resistance is at the upper raising trend line at 1226 and on the way down support is at 1202.50 and then around 1193
Intraday volatility has increased substantially this week, providing plenty of opportunity for day traders.
Today's speech from president Obama saying that he believes in a free market also helped the bulls.
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