Thursday, October 18, 2012

S&P 500 ~ EOD ~ 18 October 2012

Despite Google's sell-off the SPX lost only 3.5 handles today:

As you can see in the chart above, we're near the top of the big range (1430-70) again. Thus, if you went long at the bottom of the range earlier this week, it might be a good point to sell some of your position.

If the SPX can break above 1470ish, we should see a rally to at least 1500. On the other hand if we decline much below 1454ish, a drop to 1430ish seems likely.