Market TAO Fri 10-23-09

SPx will either break above upper resistance lines or remain in this sideways forming channel

....Overnight we saw it all go up Oil,Gold, Asia, Europe ...even the USDollar..

Spy Will Gap up to 109.83 resistance line...

Home sales report due and Bernakie is talking as well.....I always lose money when he talks...

So my plan today is to remain neutral
and see how price responds to these upper resistance lines.

If we gap up and break lines I'll go long and we most likely head to Spx 1120.

If the lines hold... we will most likely spend the rest of day up here fighting it out. I dont anticipate any meaningful sell off today.