Nooner Report: Markets Float Higher On The Back Financial Stocks And Exxon (XOM) Major Support Line

[Bryan Leighton]

The markets opened higher on the back of a weaker dollar and some upgrades amongst the financial stocks. The key was to read the chart from Friday and understand a master level at $102.00 on the SPY had been hit at the open. That signaled a completion of the near term down move and that a nice short term upswing would be coming. Sure enough, true to form, the markets are trading slightly higher. In total, the SPY has so far rallied about $1.75 from the $102.00 master level. Watch the $104.00 level as a big resistance point on the upside either later today or tomorrow. Learn your price, pattern and time values as well as cycle analysis.