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

May 12, 2010 The SPX aims to test upper trendline of downtrend channel

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



Good Evening!

             The SPX closed above a few resistance lines today setting itself up to test the top of the downtrend channel that started April 26th.  1174-1176 will be the challenge tomorrow.  It would need to close above that zone in order to break out of that channel to the upside.
              We have not registered a buy signal yet on our weekly charts.

Cheers and good luck trading!

A.W.
www.strategydeskcode.com


Disclosure: 'no positions'