Wednesday, September 8, 2010

S&P 500 ~ Update 8 September 2010

We got the expected pullback to 1090 yesterday. Today, the SPX tested the Friday highs and the downtrendline again and got rejected again.

In mid July the exact same thing happened as well: a rally to the downtrendline => a small correction => another test of the downtrendline => a bigger correction.

Thus, if 1105ish holds I think we'll get another correction probably down to 1080ish, there is some nice support in the ES (@ 1077-78ish).

Should the SPX rally above 1105 though the next target is 1130ish imo.