September 9, 2010

S&P 500 hour chart analysis

  • S&P 500 futures is trading close to important support and resistance lines.
  • The trend line in hour chart looks good and can push the index higher if it gives proper support.
  • If the trend line is violated one should watch the level of 1086. If the index start trading below 1086 the correction can be large.
  • For the bulls an upper breakout is also possible, with important resistance at 1107 above 1107 a rally till 1130 is possible.

No comments:

Post a Comment