Monday, April 18, 2011

A Rally For SPX To Test Resistance At 1317 Likely

SGS is Long (as of close of 4/1/2011)
RTS 20110404 Long Portfolio (Bench Mark)
My LT Portfolio

SPX very likely will rally to test its active down trend line (shown in orange) tomorrow.  I doubt very much if SPX could break through that resistance (triple resistance: down trend line, 13 D-EMA, 50 S-SAM) tomorrow.

If selling continues, SPX could drop down significantly to back test its previous down trend line around mid 1280's.

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