Tuesday, June 28, 2011

SPX Resistance at 1315

Above is a daily candlestick chart of the S&P 500. It has three technical studies. One is a downward sloping trendline. Another is a horizontal line at 1312, which was previously support-- now resistance. The 50 day moving average, which is also resistance, since prices are below it, is at 1316. The midpoint of the drop from 1370 to 1258 is 1314.

This confluence of forces around 1315 suggests that it may serve as a first level of resistance.

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