Tuesday, January 25, 2011

S&P 500 ~ Update ~ 25 January 2011

Just in case you missed the last trading hour: the SPX closed green today lol.

The SPX has been trading in a narrow range the past three days. If the channel breaks upwards I think we'll see 1300 if downwards a return to 1270 is likely:

Tomorrow the FED has some stuff to say so I guess the market will stay between 1280 and 1290 until then.

Some were pointing out that the current topping process is very similar to the April 2010 one:

Well, I agree, the candles look very similar, and if the correlation continues we should see a slightly higher high tomorrow (1300?).