The first resistance is around 1191, which is the target
for the wave B of an expanded flat for wave [iv]. If this scenario
is in play then the SPX would terminate at 1191 before
reversing hard back down in a wave C towards 1150. The second
upside level of resistance to watch is the 200 week MA at 1195
which capped the rally in April 2010.
Welcome to the Borg market where QE continues to slather the
market higher and higher in a desperate bid to buy votes....ignore
the negative divergences forming all over the place, they can be
run over with ever higher prices.
Donations being accepted for the Obama Worship and Enlightenment
Center-- opening soon in a town near you! :-)
Quick Note on Resistance Levels
Posted by steve on 21st of Oct 2010 at 10:33 am
Here are a few levels on the SPX to watch.
The first resistance is around 1191, which is the target for the wave B of an expanded flat for wave [iv]. If this scenario is in play then the SPX would terminate at 1191 before reversing hard back down in a wave C towards 1150. The second upside level of resistance to watch is the 200 week MA at 1195 which capped the rally in April 2010.
Resistance is Futile
Posted by perthx on 21st of Oct 2010 at 10:53 am
Welcome to the Borg market where QE continues to slather the market higher and higher in a desperate bid to buy votes....ignore the negative divergences forming all over the place, they can be run over with ever higher prices.
Donations being accepted for the Obama Worship and Enlightenment Center-- opening soon in a town near you! :-)
Soylent green is made of PEEEEEOPLE!!!!
Nice Perthx, but per Sentiment
Posted by hazbin1 on 21st of Oct 2010 at 11:03 am
Nice Perthx, but per Sentiment Trader, today had a 73% chance of closing up (day after POMO buying of TIPS)