Saturday, August 11, 2012

$SPX pinch into Friday close - 5 & 30 min Charts

30 min SPX
The resistance at the 1403 level gave way to 1405.87 as buyers came in during the last half hour of Friday's session. Someone must have been bullish & confident going into the weekend? Sunday & Monday should be able to answer that question...

1407.14 is the Month high for the SPX with 1422.38 being the year high and subsequent line in the sand for the bull case.. Over this level could trigger a bit of short covering from the macro crowd and chasing from the retail crowd out of fear they will be missing out.

My guess is we are a bit extended up into the 1422 area thus a retrace back into the 1390-1400 area to allow for consolidation and a base to be built for a possible move into 1450. It is what it is... Check out the TFP forum.

5 min SPX