Wednesday, June 22, 2011

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

The SPX did indeed close the gap at 1288 and rallied even further - almost all the way up to 1300.

The strong resistance at 1296ish stopped the rally once again and we'll have to see whether this is just another bulltrap of which we've seen many since early May or if this is the start of a new medium-term uptrend.

Above 1296 the next reistance is at 1313ish. Important support is at 1280ish. If the SPX declines below that level then I think we'll see the low (1260) again.

Blogger seems to have some problems again.. I can't post charts... So, I'll edit them later into this post