Thursday, September 9, 2010

1105 resistance level holds

SPX moved just a little bit above the downtrend line (around 1102) but remains bellow the 1105 resistance level. DMI is slightly positive but refuses to make a decisive move indicating that market players are neither bullish nor bearish at this point but wait for some fundamental news before deciding what way to go.

We do have now an uptrend line somewhere around 1060 and a major downtrend line around 1102. Besides these obvious support/resistance levels we can expect a good support around 1070 and not less than three resistance levels 1105, 115 (SMA200) and 1130 (the most recent major high)



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