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.