Yesterday’s continuation of S&P 500 rally has seen it reach a very important milestone.
On the chart, it has pierce through 828, but not with strong volume.
The missing volume is a critical factor as this is a level that has been tested 3 times this year before it finally break down.
Just as it is difficult to break down, I believe it Â will be also face difficulties breaking through convincingly.
More importantly, we can see that S&P has now ‘slammed’ into the wall of kumo.Â
I guess, the market is looking for catalyst next week. Perhaps the G20 meeting next week is a good catalyst to help it break through.
Nothing much has change since Geithner’s announcement of the ‘bad bank’ rescue plans. The economy is still not doing well.
We can’t expect S&P 500 to continue soaring and making new high, can we?