Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

S&P 500 POINT AND FIGURE PRICE TARGET

|Includes: SPDR S&P 500 Trust ETF (SPY), SPY

We cleared 1130 on the S&P 500. The next resistance level is 1150. We almost got there today. This will be the next important level to watch.

According to the point and figure chart the price target is 1350. First hurdle is 1150.

NO LONG TERM SELL SIGNAL

Since giving a S&P 500 buy signal on July 21, 2009 the system is up 19.75%

Since June 5, 2000 the system is up 76.25%. Buy and hold is DOWN 22.35%.

CLICK ON CHART TO ENLARGE