TAM's Pedagogics: April 11th, 2011
Kevin Tuttle's Blog
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Since “The Fools Friday” the SPX has been grappling with the topline resistance of, let’s just say 1,340. There’s been 6 trading days thus far in the 2nd quarter and there’s been 6 attempts by the bulls to capture one of Morrison’s best lyrics and “Break on through to the other side.” On Friday, the Bears finally exhausted the bulls and won the battle, for now. From here on out 1,340 will most certainly be the line in the sand which all investors will be watching for the next potential bull move.
SPX Hourly
For now we look toward the next potential support. This is an upward sloping trend beginning from the neckline of the Inverted Head & Shoulders back in October of 2010. At this point it’s a little difficult to ascertain the exact level of the trend, considering its slope and time to arrival, but 1,275 seems to be about right.
SPX Daily
We do believe volume will remain light and volatility, unlike the past 6 secession, will remain high. If conditions increase their intensity, watch for unexpected pitfalls.
Have a GREAT Week!
KAT
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