We are definetly approaching some key techincal levels on the S&P. The blue highlights resistance around 870ish while the purple line highlight support at 800. I added a red channel at top and bottom points to create a better illustration. I think we may flirt with resistance; however, I don't think we break yet. As time progresses, the top RED line will guide lower; however, the purple line will continue sideways. I believe there is a chance where we will hit 800 on the S&P very soon and if we break support, the top red line will be the next support level. As you can see, one sawtooth pattern as started from 875 to 827. I am looking for another one, but a little deeper. The other possibility is that we break BLUE resistance and you can buy and use that 875 level as new support. Keep in mind a break is not just a simple crossover, its a break...a boom.
Monday, April 27, 2009
S&P Analysis By RF
We are definetly approaching some key techincal levels on the S&P. The blue highlights resistance around 870ish while the purple line highlight support at 800. I added a red channel at top and bottom points to create a better illustration. I think we may flirt with resistance; however, I don't think we break yet. As time progresses, the top RED line will guide lower; however, the purple line will continue sideways. I believe there is a chance where we will hit 800 on the S&P very soon and if we break support, the top red line will be the next support level. As you can see, one sawtooth pattern as started from 875 to 827. I am looking for another one, but a little deeper. The other possibility is that we break BLUE resistance and you can buy and use that 875 level as new support. Keep in mind a break is not just a simple crossover, its a break...a boom.
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