I thought I would have the chance to write about this later. Looking at the SPX for the last year and based on the way the SPX has traded in a freakishly narrow range for the last five days it would appear that the 1215 level is very important. I'm not sure if this latest run will make for a triple top or not but this is clearly a formidable level. I would suspect that if the market could get above and successfully hold it could make for very solid support. I suppose the margin for error on this thought is very subjective but I would think 1206 is beyond the margin or error. We'll see if this holds any water.
2 comments:
Roger, now that the S&P has closed at 1200, what's your take on this? I'm not a strong believer in TA, but 1200 seems to be one of the key support here. I view it as a positive that it closed even slightly above that level. Hopefully it will continue to trade sideways for the next weeks or so, before resuming its uptrend. Your opinion is much appreciated - thanks!
I think 1215ish is much more important. I question in the original post whether 1215 might be a triple top. If so, I think I would take 1215 as in fact being more important.
But chartists are like economists. You get ten of them in the room and you get 11 opinions:-)
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