Friday, September 10, 2010

S&P 500 ~ Update 10 September 2010

The market was pretty much dead all week. Well.. the SPX did break the downtrendline but that was all but a convincing break. No wonder actually with major resistance above (~1115-1130).

When I looked at the hourly chart before I noticed that the July rally looks very similar to the current rally. So if this correlation continues upside should be limited (~1115).

Just as a reminder: Cycle tops are September 8th and 12th, so let's see if the market turns here.

This was probably the last chart until Thursday since I'm on holidays next week and I don't know if I've internet there. But I hope next week will be as exciting as this week, so I don't miss much.. : )

Have a great weekend!