Sirius XM closed above $1.00 for the seventh consecutive day. The question on everyone's mind is where things will go from here. Certainly, there are overall market influences, but for Sirius XM, the key is trading above $1.00 for three more days.

Earlier today I noted that Sirius XM was trading right below a key support/resistance level of $1.09. Guess what happened. The equity closed directly at $1.09, leaving it an open question as to whether or not the company has support here. Support sits at $1.02 and resistance is at $1.14.

From a technical standpoint Sirius XM is now a mixed bag. There are indicators in both directions, and indicators that call for a sideways move. On an intraday basis the short term signals are not very rosey. Moving averages, MCADS (Moving Average Convergence Divergence), and Fibs are all bearish, RSI's (relative strength index) are bullish, while Highs/Lows/and trends all seem to indicate a neutral state.

Given the trading that is happening, and a drop on volume, investors have every reason to watch this equity closely tomorrow and over the next three trading days. So what will happen? Of course no one knows, but there will certainly be a wide range of opinion. Investors in satellite radio have a great outlet to discuss the issue tonight on SiriusBuzz Radio, which will air at 9:00 PM EST.

Position - Long Sirius XM Radio