The S&P confirmed on Friday a further weak closing and also the weekly one was very weak well below the low of the previous week.
The indicators of the daily chart are still well negative as well as those of the weekly chart suggesting there is further downside risk. Those of the s/t ones turned instead already all above the line this morning following the important rebound we’re seeing. Today’s session started with a gap up, now support area at 1170,00 – 1162,30.
While above 1170,00 on an hourly closing we expect an extension of the corrective move up suggesting the 200 hours line at 1199,00 as the possible attraction. The move up is corrective but in case we could well see even a 1200 overshooting!!
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http://www.easyforexnews.net/wp-content/uploads/2011/11/SP500-11.28.11.pdf
FUTURE TREND RESEARCH