Thursday, June 23, 2005
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.
Posted by Roger Nusbaum at 11:16 AM