mardi, juillet 28, 2009

SP 500 weekly view

Recently, several indices broke above some important resitance levels, increasing the odds for more profits in the coming weeks.

The weekly chart of the SP500 shows this breakout above the long-term declining trend line (blue line), as well as the horizontal resistance, which is the neckline of a reverse head and shoulders pattern.

The upside price target is about 1200.(see arrow)

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