Aug 03 2010
S&P 500 moved higher yesterday as expected, after the wave 4) found the support at 1088 region, which means that wave 5) is now in progress. New highs were already reached, so a top could actually be very near, but its too soon to call a turning point. Most likely we will see test of quite strong resistance region shown at 1130-1140 region, where top of a whole upward corrective wave II could be seen.
S&P 500 1h chart:
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