In my January 5, 2010 post I mentioned the 1165-1170 as potential resistance, I think bulls are running out of steam. Pay attention to 1150 is the first line of defence for bulls. If big institutions want to send the market higher they should keep S&P above 1150. If 1150 fails to hold the next line of defence would be 1120-1125. S&P500 must stay above 1120 if they want to shoot S&P to 1200 in coming months.
Short Term Supports/Resitances in S&P500:
S1:1150
S2:1130
S3:1120
R1:1170-1175
R2:1200-1210
R3:1230
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I do my best not to use complex economics terms and make this blog useful for everyone in any level of investment. The main focus will be on technical analysis, but macroeconomics & microeconomics will be covered as well.
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If you recently become my reader, I highly recommend reading "Popular Articles". Just scroll down, you can find it in this column.
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About Me
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- I’m a financial analyst. I'm a bear. I use fundamentals and technical analysis in my investments. I’m a big supporter of the Austrian School of economic thought, but at the time of crisis I believe Keynesians get it right. I always have an eye on macro & microeconomics, I’m a contrarian analyst. Be advised that the views and opinions expressed here are subject to change based on market, economic and other conditions. They are the illustrations of broader economic themes and in no way guarantees your profitability by trading Securities mentioned. I do not claim or guarantee that you will profit from the information provided. I will not be held responsible for any investment actions that you take as a result of Securities mentioned. I’m neither your investment adviser nor your financial broker. Consult with your broker before start to trade any securities. Futures and options on futures trading involve substantial risk and is not a suitable investment for all type of investors. The information given is intended to be an aid to your own investment process, and your investment actions should solely be based upon your own decisions and research.
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