Trick or Treat
The market found support early today, and the bulls steadily climbed the stairs until profit taking came in at the end of the day. There was a triangle that had clearly formed on the 120 (or 60) minute chart, and the throwback line was hit after the breakout.
The ghouls and goblins decided to stay in their coffins, and buyers were treated to another up day. The morning set the marker, which was taken out at lunch, targeting a new weekly high. The afternoon trade was a little more volatile, as weekly position traders squared their positions.
End of month window dressing may have helped contribute to a positive close for the week.
A savvy trader that I studied with often suggested that in up trends we need toÂ pay attention to support, and in down trends we should pay attention to resistance.
Great words of advice.