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SPX Range

 
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arthur
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PostPosted: Sat Jan 29, 2005 4:29 pm    Post subject: SPX Range Reply with quote
The bullish buying into the close Thu and Fri leads me to believe the market will bounce next week. MACD and Money Flow are both improving. SPX has traded in the lower half of its Bollinger Bands, since the second trading day in Jan. If SPX closes above 1,178, it may rally to its 50 day MA at 1,188. SPX at 1,188 may be an excellent shorting opportunity. However, if SPX fails to close the gap at 1,163 before rising higher, then it may not quite make it to 1,188. Perhaps, 1,177 or 1,185 would be a top and then a retest of 1,163.

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