Tuesday, March 22, 2011

S&P 500 ~ Intraday Update 1 ~ 22 March 2011

I just wanted to let you know that the markets are still open lol

Not much has been going on since we gapped up yesterday into the resistance area between 1295-1305.

Short-term I think we could see a backtest of the neckline of the inverted H&S at 1289ish. If we break that next targets are yesterday's gap and then 1260ish. Above we have 1300ish, a break should lead to 1308.

Edit: Because a user asked: the inverse H&S target is 1330ish, so right at the early March highs. As you can see in the chart above there is some strong resistance between 1305-08 so I'm not quite sure if we can break that but once above we should see 1330ish.

And 1289ish has to hold! Else the H&S is invalid!