Stocks Hit First Resistance

06/22/2010 9:41 am EST


Thomas Aspray

, Professional Trader & Analyst

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Action by the Chinese over the weekend caused a sharp surge in the stock indices in Monday pre-opening trading, though stocks were not able to hold their gains into the close. The cash S&P 500 hit the 50% retracement resistance at 1130, but then closed lower on the day. The key 61.8% resistance stands at 1152 with key support to watch at 1101 and the rising 20-period EMA. The A/D line still looks positive, but needs to surpass the April highs to signal upward acceleration.

Tom Aspray, professional trader and analyst, serves as video content editor for The views expressed here are his own.

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