More Choppy Action Is Likely
05/11/2010 10:04 am EST
All of the major averages closed with impressive gains on Monday and stocks with high short interest were squeezed higher. The McClellan Oscillator has jumped from -390 to -200 but shows no strong signs yet of a bottom. The hourly chart of the e-mini S&P shows that the futures are under pressure early Tuesday as the viability of the rescue plan is being questioned. Support comes in at Friday's highs in the 1135 area with resistance at 1162 and 1175.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.