S&P 500 - 02/07/2009

Hi there!

The S&P is in critical situation. It has now reached the support line of the Head and Shoulders. Now I expect one of two things: bounce again and start to rally testing resistance around 930(again!!) or take that support line and selloff until the 50% Fibonacci retracement around 810! Note that if you measure the range of the Head and shoulder you will get around 69 points, which will be more or less the size of the movement if we breakdown the support line!

Swing It!

S&P 500 - 26/06/2009

Hi there!

The S&P has bounce a little from the touch in the 50 EMA on 23/06. Now is approaching tough resistence at 930 level. It looks like an head and shoulders topping formation is in process with the right shoulder top forming in the next days. Only time will tell but if the market fail to break up the June highs and confirm the H&S we probablly see some heavy selling till the levels 880 first and next the 800/813. If the market take the June highs the next target will be around 1000 on the S&P!

Swing it!