Tuesday, March 22, 2011

S & P 500: technical patterns

Just some EW counts that I am following. 


  1. S&P is very close to bumping up against 1345 which is not only resistance on a daily chart, but also a major fib extension level (.618) when viewed on a monthly chart.

    Might be a good place for the market to sell off and maybe form a cup and handle on the weekly.

  2. Yes may be, but I would not go short here (swing trading mode). I was thinking in a sell off to 1285...? There will be the 150 MA which was the support in the last sell off:



Global Markets Heat