The 1430 level is from a confluence of the measured move from price patterns and the 2008 high. The SP500 price chart below highlight the various price patterns that created a confluence of targets near the 1430 region. The black baseline is the 5/19/2008 closing high of 1426.63. The red lines depict the cup & handle price pattern formed between April and December of 2010 with a measured move of 1428.69. The blue lines illustrate the recent inverted head & shoulder price pattern with a projected measured move of 1429.97.
SP500:
I will continue to focus on the longs until the market tell me otherwise.
