Andy’s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Current Rally with Weekly Support
As the Talking Heads sang… “Same as it ever was...” The market continued it‟s “grind” higher. One
interesting thing to observe is that the S&P 500 is struggling a bit to get back to the upper endof the trend channel--
this is usually a signal of a market that‟s losing its „energy.‟ Bulls/Longs
should raise stops yet again because when this channel breaks, it should be fairly violent,a la the Gold market this week.
Consider using 1352 and 1337 for first and second levels of support. 1337 would be a 23.6% retrace of the entire last move--a level that also aligns with prior short term support.
This would be support area on a breakdown.
COPIED from 3/04/12