Thursday, July 29, 2010

S&P 500 ~ Intraday Update 29 July 2010

So, there we are.. below 1100 again. Is this just a correction or the start of a new downtrend?

Ahead of the GDP tomorrow both is possible.

May be you remember the diagonal I posted on Tuesday that had a target of 1084 in the ES.

Also in this area there is an uptrendline in the SPX, so I think this should (at least temporarily) stop this sell off. If this support level doesn't hold though the SPX could target the open gap at 1070.