Nov 2nd, 2010: Update 2 – Morning
Posted by pugsma on November 2, 2010
10:00 am EST: Note the SP-500 could bounce between 1196 resistance and 1184 gap support a few more times before a break-out upward.
9:55 am EST: You can clearly see on the 5-min chart that the SP-500 gapped up over the 1187 pivot resistance. In my opinion it’s key now that this gap from 1184 to 1187 holds and allow the SP-500 to advance above the 1194/1196 resistance. Once beyond 1196 there is an open gap (from May 2010) between 1198 and 1202 that could provide more resistance. From there it’s clear sailing to the 1220 April high.
Key down-side support is at 1177 and then 1168. A solid break of 1177 opens the door for 1168 and then 1160.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9744f19f-4281-4bf7-b188-2f39a41eb5fa
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=a77ed30d-5bc3-48e7-80d4-f4bb05092752
SP-500 15-min chart (9:55 am):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.