Wednesday, April 28, 2010

S&P500: Some charts

In lieu of prophecies, i let the charts do most of the talking this post :)

Sentiment


Sentiment is reaching the bullish highs of Jan-10. Also note the divergence, Price has made new highs, whereas sentiment has not (so far). Could be classic "5th wave" or "Z wave" divergence, whatever the count! Anymore upside movement, is definitely swimming against the tide here.

Long-term chart:
 At parallel channel resistance, 61.8% retrace, and just below historical resistance area around 1300


6-month price-by-volume chart:
A technique shared by Leisa, shows significant support around 1150 & 1100


Hourly chart:
Range between 1215 & 1180, a break below would find support around 1140-1150.


Very short-term, expecting an upward-to-sideways grind, followed by more downside. Minor support 1162 area. Resistance areas 1200, 1205 & 1214.

All the best!
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