arthur Guest
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Posted: Wed Jan 26, 2005 4:47 pm Post subject: Possible SPX Short-Term Range |
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SPX has many resistance levels: The three short-term MAs, the first two big down days in Jan, the open gap at 1,185, the congestion area in early-Jan, the upper downtrend line, the recent low at 1,175.6, which may be the top of a lower trading range in late-Jan. There are also gaps to close at 1,163 and 1,137. If SPX closes below 1,160 (multi-year level), that may be very bearish. However, short-term, SPX may retest and close the gap at 1,163, and then bounce, which may be a short-term buying opportunity for SPX or OEX Feb calls.
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