(1294,60)The S&P managed to confirm a strong closing last night despite the drop toward 1281. Possible a retest of the 1297,50 level and an hourly closing above this level will support further strength suggesting a 1300 overshooting that could mean an extension even toward 1314!! The indicators of the daily chart are still well positive but now approaching the overbought area and at the moment also those of the s/t ones are in positive territory supporting higher levels. Only a return below 1281,00 will resume the decline We sold the S&P as suggested at 1288,80 but put a stop at 1298,50; already a break above 1297,50 will abort the suggested s/t top in the hourly chart.
Follow possible updates.
Click here to read the full report: S&P500 01.13
FUTURE TREND RESEARCH