SPX Technical Analyis, Is The SPX Gapping Into Resistance Today?
January 28, 2009
Click on the chart to expand it.
This morning the futures are up fairly large on the good bank bad bank idea that the government is trying to implement. This will likely be a sell the news story since its rallying ahead of it. The other that is happening is that the SPX this morning is gapping into resistance. I want to see how the SPX handles the 869-874ish area. If it can clear these areas by Friday, there is a chance we are going to 950.
However, there have already been two tests of 850 for the last two days – note the wicks – and failed. Today we are gapping above that 850 number. IF the SPX sellsoff today and goes BACK BELOW 850 by the close of today, batten down the hatches. That is the bad scenario, but there is also the topside possibilities as well around those white lines.
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