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Friday, 14 October 2011

S&P 500 Index: What’s the Next Move?

 
The S&P 500 Index, like currencies, is nearing a topical point. A tentative breakout is possible. The next resistance levels are 1230 and 1260. However, the movement would need lots of power to continue.

In fact, it has to face few important resistance lines. First, there is the higher Bollinger Bands. Then, the there are the 100 days MA. Finally, the 200 days MA need to be overcome.

For now, however, the index is still consolidating within a bearish trend. A breakout failure could trigger another bearish movement. The targets could then be 1000 and 850.

Technically, the EUR/USD could test 1.39/1.41. These levels are at the conjunction of various resistance lines. They might hold at first touch.
A breakout failure could take the market back to 1.36, 1.32.
However, a move above 1.4750 will quickly lift the price to 1.49 and eventually to 1.60.

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2 comments:

PKamp3 said...

How about after today? As I type EUR/USD is 1.377 and the S&P closed at 1200.86. My time frame is long, but do you think it's an attractive short to mid-term entry point?

ProfitsOn said...

Thank you for your post.

I prefer looking for spots where momentum might increase.

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