Relative Strength from Tech Leaders, Banks Still Drag

Markets opened higher and the SPX hit 1180, just below the next big resistance area of 1184-1187. Trading back below yesterday’s high of 1176 is a short-term sell signal, or a signal to take some profits if you’ve been trying to trail this 3 day move from Monday.

Key support starts at 1160-1164, then 1157, with major support down in the 1140-1145 area. Keep taking trades. Stocks are not falling apart here but you can keep trading around positions. Banks sold off first but key stocks are still taking it in stride.

Gold (NYSE:GLD) is weak. Watch to see if it can get a 30-60 minute close below yesterday’s low of $176-176.30.

(NASDAQ:AAPL), (NYSE:VMW) and (NASDAQ:BIDU) showing some decent relative strength today other stocks are mixed and absorbing the recent move.

Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Investor’s Business Daily among other publications. Scott produces much of the media and content available to subscribers and followers. is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time.


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