Wednesday, July 11, 2012

S&P 500 ~ Pre-Market Warm-Up ~ 11 July 2012

The SPX hit the support area at 1334-37.5 yesterday:

I still think that 1335ish is an important level - it was strong support/resistance in May and June and the lower trendline of the rising wedge is also crossing 1335ish now. If this level breaks, the next target should be 1310-15ish. Should the SPX manage to rally above yesterday's high though, a rally to the upper trendline of the wedge should follow.