Tuesday, November 23, 2010

The Importance Of 1200 Level For S&P500

This week would be very tricky to predict due to short holiday week. Market will be choppy, if you want to get involved you better off to do day-trading. Pay attention to 1200 as psychological barrier. If S&P500 tanks below 1190, it would be very bearish. I'm in the bear camp and looking for 5-10% pull back to 1100-1166.
On the other hand if S&P500 stays above 1196 for a couple days it means bulls have the upper hand.

R1: 1194-1196
R2: 1200
R3: 1220
R4: 1228

S1: 1170-1168
S2: 1150
S3: 1131

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