Technical Talk: End of summer rally?
“As seen in the chart below for the SP 500 Index futures, the Index has cut through its valid up-trend line. That said, we believe the summer rally is likely to have run its course and the bias or path of least resistance for now will likely be down. The next downside support for SP 500 is 1081, then 1050,” commented technical analyst Kevin Lane of Fusion IQ.
Source: Fusion IQ, August 11, 2010.
Conveying essentially the same message, Adam Hewison (INO.com) provided a video analysis of the S&P 500’s outlook (recorded on Tuesday before yesterday’s sharp sell-off), expecting further downside. Click here to access the presentation.
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