Jul 10, 2013


Short term signal: UP
Intermediate term signal: UP
Comment: the next move lower will tell us what exactly to expect. It is taking too long so I think that the scenario with another sell off from the current levels has now low probability.

Expected behavior for:
- move higher - correction with low somewhere in the support area 1600-1625
- near to the top of pink X - we should see the price moving sharply lower... NOW, busting 1625 and 1600 or the bearish scenario is dead

Levels to watch SP500:
- 1687 is the next resistance to the upside, above is white space
- 1620-1625 is now support - the breakout from the range. It should not be violated
- 1598 is major support.

Current thoughts.....

No comments:

Post a Comment