Thursday, September 16, 2010

Resistance at 1130

Not too much change for the third day in a row, daily and hourly DMI still positive, no bearish EMAs crossing and price above EMA25 on hourly chart.

No reason to panic but bulls seem to lose confidence, again, around the same level it happen twice in the recent past. A triple top at 1130 is not going to look very bullish on any time frame. We need to see SPX climbing above 1130 or at least a weekly close above 1121, the weekly level where bulls were stopped in August. Tomorrow is the expiration week Friday, a day that ended a little bit in red YTD (we'll see about that).


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