Tuesday, July 27, 2010

Update


Here is an hourly bar chart which updates the daily chart I discussed a week ago.

The e-minis are continuing the swing up to the initial target of 1145-50. That zone is the confluence of the upper channel line (green dashed lines) and the midpoint of the second 96 point box of this uptrend. In the meantime I think the top of the first box at 1099 will act as support for the market.

I believe that the S&P 500 is in the early stages of a move upward that will carry it to 1300 and above over the next 8 months.

4 comments:

Naveedah said...

On the whole while tape acts a bit tired but the tone remains a lot better than late June w/dips still viewed as buying opportunities.
Thanks for this great support!
Wishing you all the best!

sandy allred said...

It now appears the uptrend which began in July 1 will end on August 23 at SPY 115.5

DMA said...

sandy allred what time ?

Naveedah said...

US Housing – CaseShiller index for May came in +4.61% vs. the St +3.85%.
Expecting ES_F 1118 o/n,trading @1111.75.
GN!