Excellent break-retest-continuation pattern in the S&P price action of the previous days. As I expected, 1,223-1,229 was a strong support that reversed price towards the long side, at least on the short term.
Furthermore, the longer timeframe chart sets the bias for a longer up-swing, with good chances of breaking the early December highs, in the 1,270 area. For the moment this is the first target.
See here wednesday, dec. 21 post: http://markettechnicalview.blogspot.com/2011/12/sp-500-technical-analysis-20111221.html
See here wednesday, dec. 21 post: http://markettechnicalview.blogspot.com/2011/12/sp-500-technical-analysis-20111221.html
Good blog of Financial market guide and Technical analysis book
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