SP500 Update

The 30 minutes intraday chart of the SP500 depicts how it has been trading within the 1120-1220 range since the beginning of August. It formed a double bottom pattern in August and it was unable to break out of this pattern. After the failed breakout, the bears pushed it back down to the 1140 level when the bulls attempt to take it back above the 1120 1220 level. In the last trading session, the bulls finally were able to push above the 1120 1220 level once again. If the bulls can hold the SP500 above the 1120 1220 and move it beyond the 1130 1230 level, the head & shoulder baseline of 1260 could be the near term upside target once again.

Here are the levels to monitor for the coming week:

Upside: 1220, 1230 then 1260/1270
Downside: 1180 then 1140


SP500:



note: corrected reference levels typo (9/20/11)