Thursday, September 9, 2010
Also shown is the upward red fork from July 1010 SPX. Currently Price is trading within the lower section, and a drop below 1065 will be required before the that fork would be in jeopardy.
Today's open shot up to the Persons Pivot, and was turned back at the handle of the Pink Fork. The short term trend will remain Bullish until this fork is violated near 1100, and the Bears will not fully gain control until the Red Fork is broken. Even then there is still the 1040 support.
This next chart shows the two yellow forks from the last two major peaks 1576 and 1219.80 repositioned to accommodate a more Bullish short term forecast. This position was derived from an alignment of the 1576 handle to the September 2008 peak. Heavy resistance near 1128 can be expected, but if Price extends past that resistance 1145 would be my target as shown by this new positioning which now lines up with the 1039 valley and the peaks in June and July.
This Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.
Posted by Robert Campbell at 09:34