Wednesday, August 3, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 3 August 2011

And there we are. Back at 1260!

Even though we hit the important support area around 1260ish yesterday the candle looks ugly - a trend down day at the bottom of the multi month range. Nevertheless, I think we could get a bounce the next few days if the March low holds.

As you can see in the chart medium-term support levels are at 1260ish and 1220-30. Resistances are at 1295ish and 1345ish.