The S&P Index finally achieved the symmetrical triangle target at $1,151 set at the beginning of previous week (http://markettechnicalview.blogspot.com/2011/11/s-500-technical-analysis-20111122.html ).
Moreover, the target represented a key reversal level as the S&P is currently trading 36 points (3.10%) higher. The first resistance is set now by the 38.2% Fibonacci retracement of the decline started in mid-november.
This rally has good chances to continue, although the current trend is down, with lower lows and highs. The main resistance is in the 1,213 area, represented by previous lows and by the 50% retracement level. This is only a reference as I cannot see the price action yet.
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