Tuesday, August 3, 2010

S&P500 Very Short-Term: Consolidation Ahead

Last post called for upside towards 1130 on a break above downtrendline. Price has risen in a wedge, and currently facing resistance at the "right shoulder" around 1126. Looking for some consolidation here at the very least.


A break above the upper parallel line will setup further upside towards 1150 and 1172 initially. Support and Resistances as shown on the chart. All the best!
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