We are in a critical area on the chart of the S&P 500. We are about 7 points away from that 1227 resistance area I pointed out last week. There is some resistance around 1220 from the April 2010 high. The 50 day MA is also very near this area (about 1228). The market has been up for 5 day in a row which is rare. Friday was September option expiration so it's hard to get a good feel on the future direction based on the price movement on an expiration day. Monday should give us a better idea of where things are headed next. I still like the charts on those recommended stocks from last week. I'd like to see the market sell off and close near the lows of the day (on higher volume) before getting too aggressive with new trades.
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