Monday, 8 October 2012

S&P double top

Friday saw S&P open near the September highs and reach 1470,96. A double top was formed as prices could not overcome that resistance level and were rejected. The market pulled back during almost the entire session towards 1457 and closed at 1460. We may see a back test of the broken downward trendline at 1450 or the pitchfork support at 1455 will prove stronger and hold prices. We are still upward biased. Critical support levels are expected to hold and new highs to be made during this week. The wave structure is not a clear impulsive move but could very easily develop into one. Support levels at 1450-39-30-20. Resistance levels at 1470-75.

Thank you for taking the time to read my posts.

No comments:

Post a Comment