Saturday, August 27, 2011

SPX - Forming a Base, Defining a Range

Basically everyone that sold week before last got back in. This is bullish and showing that we are forming a solid base. Question is will we continue to trade in a box and sell of next week? Either way, longer term I see a lot of overhead resistance but firm support. We are likely to trade in a box of about 70 point for a while. I'm bullish short term until the Great Bearded One reveals whats up the fed's sleeve next month.

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