Monday, September 12, 2011

S&P 500 ~ Intraday Update 1 ~ 12 September 2011

The SPX gapped down into last week's low around 1140ish. From there the market rallied and quickly closed the open gap:

Even though the SPX was below the orange support line for a few minutes I don't count it as broken. I'd like to see an hourly close below it (preferably even below 1140ish).

Until it breaks I see this as a succesful test of the trendline thus we might bounce a bit further here. Possible targets are 1166, 1175ish or even the gap at 1186.