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Tuesday, February 15, 2011

S&P 500 - Closing in on it's target

S&P 500 is closing in on it's target area (purple) between 1,350-1,390. Before reaching this area a minor resistance point is found at 1,333.84, which is two times the March 6. 2009 bottom (666.92). It shouldn't have to much impact, but this uptrend is stretch to a degree we seldom see.
A break below 1,311.79 would be the first signal that a top is in place, but a break below 1,275.23 to confirm the top.

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