S&P 500 : Will it turn now?

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  will be also face difficulties breaking through convincingly.

More importantly, we can see that S&P has now ‘slammed’ into the wall of kumo. 

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?

 

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Published by

iam802

Trend trading with Ichimoku

2 thoughts on “S&P 500 : Will it turn now?”

  1. SPX can go higher if more government news (propaganda or otherwise) is released. Big boys still has huge XLI/XLU open interest. They have not sold out as yet.

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