Aug 13, 2013


Short term signal: UP as long the price stays bellow 1686
Intermediate term signal: UP as long the price stays above 1675
Comment: the bulls are winning the battle for now... not surprised at all. The bears just do not have the strength to move the price bellow the range from the last 4 weeks. The price moved above the last minor high, EMA50 on the hourly chart and broke the trend line which turned the short term signal UP.

Expected behavior for:
- the pullback is over -> another green day tomorrow moving above 1700

Levels to watch SP500:
- 1700 minor resistance to the upside. If the price moves above it we will have double bottom with target ~1720.
- 1675 is now support. If the price moves bellow it the intermediate term direction will turn down.
- 1650-1660 important support, the pullback should not move bellow this area, or this is more than a pullback.
- 1598 is major support.

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