Monday, February 21, 2011

S&P 500 ~ Update ~ 21 February 2011

The US markets were closed today, we saw quite a big sell off in the ES though - it's down 1 %.

It looks like a wedge is forming in the SPX and if it breaks we could see some correction down to the 1300/10ish area or even further. Till now the market isn't showing any sign of weakness though, thus be careful if you try to short!

Next upside target is the 1360 area and support is 1338ish (we're below it right now so a move to 1300/10 looks likely but wait for the open tomorrow morning!).