Support and Resistance Trading Forum

Re: SP *PIC*
By:Alan C.
Date: 7/17/2009, 1:29 am
In Response To: Re: SP *PIC* (charleydan)

Here's my perspective for the September S&P 500, based on RSI and price S&R.

Price penetrated 924 resistance (now support) on Wednesday, while corresponding RSI penetrated two trend lines. RSI's penetration of two trend lines to the upside would, I think, be a strong bullish indication, except that RSI's recent uptrend (last few days) is not fully defined, in my opinion, as I look for at least two points (down-up for an uptrend) spaced more than a couple of days apart. Also, resistance looms nearby at 947, the high price of 6/5. On the other hand, the recently-penetrated RSI trend lines and also price support at 924 portend that there will not be a significant correction for at least a few days. Bottom line: my current expectation is that price for the next few days, at least, will be contained between 924 and 947.

Responses To This Message

Re: SP/thanks
charleydan -- 7/17/2009, 6:37 am
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