October 2, 2010

S&P 500 in an Ascending Triangle

  • S&P 500 hour line chart in an ascending triangle pattern.
  • Price is trading near the supporting trend line of the ascending triangle. This line may give support for the index. If not its negative for the bulls an hourly close below this trend line will be good news for the bears and index may slip below 1140.


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  2. Dear San,
    SNP is struggling near 1150 now for a long time.Even the long term RSI has turned down below 80 mark,but some how it is managed in the upper band.Now a days all global markets are enjoying Bull Run so it is obvious that this fact is overlooked.The coming days shall decide the fate of this bull run.Let us wait & watch.