SPX/ Major Resistance *PIC*


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SPX/ Major Resistance *PIC*

Posted By: Trades
Date: Friday, 6 November 2009, at 1:41 p.m.

The S&P 500 Index is at a major resistance area. This is the 2 year downtrendline from the bull market high and the big round number of 1100. It also recently broke the uptrendline of the entire rally that began last March and is now bumping up against the underside of it which is now also resistance. It would take a lot of firepower to blow through this much resistance. It's looking more and more like a sick puppy that's had it's day.Note how this rally has been completely ass backwards. Instead of sell in May and go away it has been the opposite. Also note the big sell off typically in Sept/Oct was also opposite and rallied instead. And in late Oct when the market typically bottoms there was a top which is also opposite. And now the Nov, Dec period typically rallies so if this opposite theme continues it should sell off instead. But whatever. Just watch the charts as they know best. Just something to think about for those bulls who see the moon now. I'll believe it when I see SPX over 1100 and holding.

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Messages In This Thread

SPX/ Major Resistance *PIC* (views:100)
Trades -- Friday, 6 November 2009, at 1:41 p.m.
- (Message Deleted by Poster) (views:8)
  Sugarman -- Friday, 6 November 2009, at 2:07 p.m.
  - Re: SPX/ Major Resistance- Sugarman *PIC* (views:113)
    Trades -- Friday, 6 November 2009, at 2:31 p.m.
- Re: SPX/ Major Resistance/Trades (views:76)
  hunter -- Friday, 6 November 2009, at 2:20 p.m.

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