Sunday, March 6, 2011

SPX Price Consolidation Very Likely Continues

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

Most immediate support for SPX is its 13 D-EMA around 1320.  The next level support is the up trend line connecting lows of 2/24 and 3/2 (think red line) around 1310.  A close below that support would make a test of 50 D-SMA almost a certainty sometime this week, possibly as early as Tuesday.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.