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February 16, 2010 SP500 Breakout into headwinds



Spx

This is a daily chart of the S&P 500,  The candles broke up out of a downward channel,  we have recieved a buy signal on the daily a few days ago, which was confirmed by a buy signal on the longer timeframe Weekly chart as well today.  The momentum may be short lived though due to the heavy resistance zone of 1098-1105.   Keep your wits about you.  Manage your risk in this precarious zone.