Wednesday, June 29, 2011

S&P500 powers into 1300 range

The S&P500 index found support at the 200-day moving average, as suggested in my last post, and has powered above the sticky 1297 level. This a short-term bullish development, and may carry enough momentum to target 1335, possibly with a pit-stop around 1315-1320 range. Very short-term, indicators are overbought, and may result in a back-test of 1297, or sideways action.

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