Thursday, January 20, 2011

Pay attention to 1300-1313 levels in S&P500

S&P500 technical analysis chart:

If S&P500 violates the pink channel it will drop to retest the yellow channel.I'm looking to a pull back to 1260 with in next 2 weeks. As long as S&P500 stays in yellow channel bulls have the upper hand. Please note 1300-1313 is the major resistance in coming weeks, bears are not going to miss this opportunity to go short. We are going to witness a big drop when S&P500 reaches 1300. I would like to see if there are any buyers when we tank to 1260?