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S&P500 Update

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Sep 21 2010

S&P 500 reached new highs yesterday, and closed above important 1130-31 area which held as a resistance for around four months. Prices are now headed even higher, into 1158 region, which should be a powerful resistance region from a technical point of view. On the 1h chart we can see that an impulsive structure from 1039 is still incomplete, as wave 5) needs to be structured by five sub-waves, before top can be reached; and it seems that 1158 could be the top area of that five wave sequence.

S&P 1h chart:

Disclosure: Long