The S&P confirmed a positive closing after the test of the 1244 area where it found good support. The move up formed a positive outside day with now 1269,00 – 1243,00 the levels to follow in the coming hours. A break of the resistance will favour a direct extension of the move up suggesting a direct retest of October’s high at 1288,70 with even a possible overshooting toward the potential target at 1307,60 The indicators of the daily chart are still well positive but those of the s/t ones are still mixed suggesting further consolidation. While below 1265,50 we could see another drop suggesting a retest of yesterday’s low with even an extension toward the 200 hours line, today found at 1234,20!!
We remain on the sideline waiting for a possible correction to buy!
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/12/SP500-12.08.11.pdf
FUTURE TREND RESEARCH