Monday, September 9, 2013

10th/SEP/2013 Technical outlook on the S&P 500

Last weekend I made a bearish case on S&P 500, I thought that the index will test 200 days SMA. Right now looks I was wrong and I admitted it The index just stopped at 50 days SMA, and it looks like it will break that level and retest the high it made in early August. However I still remain very cautions, the bull market last 5 years and the index didn't have a 10% correction since NOV 2012, so although I turned bullish in the short term, I have a very tight stop in case correction do begin.

Look at 30 min intraday chart, the comment from Obama yesterday helped the market rallied 15 handles. the index just stopped at 1672 resistance level. Uptrend remain intact, some minor pull back should be expected, possible long entry point 1666, stop 1660, target 1680

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