Tuesday, September 18, 2012

S&P 500 ~ Intraday Update ~ 18 September 2012

The correction is still underway:

The bullflag I showed yesterday was actually slightly broken this morning. Without much conviction though since the SPX couldn't even turn positive for the day.

As you can see if you compare yesterday's and today's chart, I shifted the flag a bit. It would probably be better though, if I drew a curve instead of a trendline, as the bullflag seems to flatten a bit each day. So I think it's better to have a look at the resistance around 1461/62 which could be a great long opportunity if broken.