Technical Talk: S&P 500 Index – no clear-cut direction
The comments below were provided by Kevin Lane of Fusion IQ.
As seen below on the 31-day S&P 500 chart, the index remains in a minor uptrend (green line). However, it is also below a resistance zone (dotted red lines and arrows) near the 1,105-1,112 region. Until the index either breaks above this resistance or below the uptrend line the S&P 500 will remain fairly directionless.
The next big support area for the index lies in the 1,080 area (blue line). Only below this support level would things get slippery again.
Without any clear-cut direction in place yet it makes sense to not take any big swings here.
Source: Kevin Lane, Fusion IQ, March 1, 2010.
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