Thursday, 4 October 2012

S&P update

S&P is progressing upwards according to our analysis. Having made a potential intermediate term bottom near the 61,8% retracement, has closed yesterday at resistance level of 1450-55. The pattern of this upward move is far from impulsive and that is my only concern regarding my bullish scenario. However if support levels are not broken, then bulls don't have to worry about anything. In pre market S&P futures are trading above resistance levels. Still my favourite scenario is an expectation for higher prices if support at 1440 is not broken. Next support level at 1425.

Thank you for taking the time to read my thoughts on trading S&P.

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