Technical Talk: S&P 500 – expect shallow pullbacks before march to 1,300
The comments below were provided by Kevin Lane of Fusion IQ.
The S&P 500 Index is still in the confines of an up channel (green lines in the chart below). Yesterday’s close brings the Index close to our first target and resistance from a few weeks ago (1,200). With market breath still strong we expect shallow pullbacks and then a move towards 1,300 into the summer.
Source: Kevin Lane, Fusion IQ, April 7, 2010.
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