Flip-flopping Thursday

SPY

BAC, C, JPM

A great close today. Notice that we’re testing the 910/920 (S&P/SPY) resistance with significant volume in the last hour of the day. The volume is more than the level established at the resistance.

The same can be said of BAC and JPM. C’s end-of-day volume didn’t break through. Recall that these are the 3 banks I said to watch for in last week’s CDS crisis. In fact, Lehman’s CDS settled without much fanfare. See Lehman CDS settlement of $5.2 billion.

I expect tomorow morning (was going to say ‘day’, but who knows these days) to follow through with today’s action. We’ll see if we can close the week higher for a triple-bottom, with 3 long tails, on the daily chart. In particular, I’d like to see if we can break above 940 for the close as I have opined previously.

Related posts:

1. Day-after-95-point-rally-retracement still looking good
2. A sign this financial bloodbath is ending soon?
3. Pre-Market Analysis: March 20, 2009
4. Breaking down of this week's trading range
5. Mid-week Market Review, October 15, 2008