SnP500 produced a solid Wide Range Bar today.
- img38.imagefra.me/img/img38/6/5/20/aarc/...
Target is now 1029.
The daily Head and shoulders Neckline support is at 1070. Once price break below 1070, shorts will be piling in. HnS target is 906.
Next support after 1070 should be the monthly 200ma at 1045. Then followed by the monthly 20ma at 990.
1008 is the 38.2% fibo retrament level for the whole March 2009 to April 2010 rally.
One at a Time.
Let's see if the HnS neckline support at 1070 will survive tomorrow.
Ready ... Get Set ...
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.