Wednesday October 13th 2010

Looking at the SPX chart here on Oct 12th 2010, we can see the index has reached our next larger resist area posted in the last article, 1169 -  1173. So far the bears have not been able to breakdown any major short term support areas.

From the right shoulder on the SPX, the index has gained 130 points, and from the neckline of the inverse Head and Shoulders 40 points. The next larger resist area is 1182 -11 83 ish area in my opinion.

1151 – 1155 is a larger short term support. A close below this area would signal bears might be showing up. Until the bears can break down major support, in my opinion the bulls are in control.

Happy trading

Rick

Short URL: http://www.canadafinance.net/?p=1293