Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily with Resistance Levels
I‟m only going to be focusing on “resistance” levels for the foreseeable future, because if I show support points, it might i
mplythat we should be buying this market. 1209 is near the 62% retrace and looks like a good first level of resistance in the next fewweeks. 1231 and 1260 are very obvious resistance levels for the next month
REPRINTED from 9/5/2011
Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily with Support/Resistance Levels
The trendline identified last Monday was bought on the Tuesday open, but this is an ominous looking setup for bulls. We‟ve g
ota pennant type pattern along with clear absence of RSI divergence. Given just these two technical warning signals, it seems
like a high probability that the S&P500 will trade below 1100 sometime soon …..
Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily with Resistance Levels
The short term picture has been a bit muddled since the huge decline several weeks ago. There is
one pattern that seems to be standing out. A good case can be made for a „netural triangle‟ from
the 1101 low with the thrust lower beginning at 1204.40. When a market is thrusting out of atriangle conclusion, it should witness very shallow retracements. Even a 61.8% retracement would
seem a bit too severe “if” we were thrusting out of a triangle. Therefore, a decent short term
trading strategy could be developed using that idea. i.e. : Sell short any kind of early weekstrength and run a stop at either 1171, 1176 or 1184, depending on your risk tolerance. A breakabove 1183 would change this short term wave count.
-w--x-
(a)(b)(c)(d)(e)?
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“x”
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