S&P500 violated the up trend channel for a couple hours but big institutions managed to push the S&P500 back to the channel. Note if S&P500 gets above 1202 and closed above it, we should expect to rally more in coming days. On the other hand if it moves below 1190 bears should become active and push the S&P to ~1150 level. At this point I give 30% chance that S&P breaks the channel to the down side. If S&P close above 1202 there is 40% chance that it is going to rally higher to ~1212. If S&P reaches 1212 there is a 10% chance of pull back.
Tuesday, April 20, 2010
S&P500 Technical Analysis (04/19/2010)
S&P500 Technical Analysis chart
S&P500 violated the up trend channel for a couple hours but big institutions managed to push the S&P500 back to the channel. Note if S&P500 gets above 1202 and closed above it, we should expect to rally more in coming days. On the other hand if it moves below 1190 bears should become active and push the S&P to ~1150 level. At this point I give 30% chance that S&P breaks the channel to the down side. If S&P close above 1202 there is 40% chance that it is going to rally higher to ~1212. If S&P reaches 1212 there is a 10% chance of pull back.
S&P500 violated the up trend channel for a couple hours but big institutions managed to push the S&P500 back to the channel. Note if S&P500 gets above 1202 and closed above it, we should expect to rally more in coming days. On the other hand if it moves below 1190 bears should become active and push the S&P to ~1150 level. At this point I give 30% chance that S&P breaks the channel to the down side. If S&P close above 1202 there is 40% chance that it is going to rally higher to ~1212. If S&P reaches 1212 there is a 10% chance of pull back.
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