Monday, August 29, 2011

SPX Double Bottom Price Pattern Confirmed

SGS is LONG (As of close of 8/24/11) 
RTS 200110825 Long Portfolio (Bench Mark)

My Long Term Portfolio
I'm 50% in (IWM, QQQ, SPY equal $)

Today SPX closed at its high of the day at 1210 confirming a Double Bottom price pattern.  The objective for that pattern is SPX 1300, but before getting there SPX will surely encounter stiff resistance at 1220 and 1265.

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.