arthur Guest
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Posted: Sun Feb 20, 2005 3:52 pm Post subject: Possible SPX Range |
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SPX traded almost entirely below its 10 day MA Fri, which is flattening, for the first time over the recent rally. Consequently, the 10 day MA is a significant resistance level. However, if SPX rallies significantly above its 10 day MA, then a test of 1,212 may take place, which is major resistance. Also, a previous high of around 1,205 is resistance. Major support is around 1,193, where the 20 and 50 day MAs work together. Also, the Price-by-Volume zone (i.e. bars on left side) around 1,190 is a major support area. Moreover, around 1,185, a consolidation area, is a major support zone.
Oil prices, economic data, and (expected) earnings of retailers over the holiday shortened four-day week will be major influences on SPX. Oil is currently around $49 a barrel, perhaps near a short-term top. Economic data includes: Tue (10 AM ET) Consumer Confidence, Wed CPI, Thu Unemployment Claims and Durable Goods Orders, and Fri Revision of Q4 GDP. Some retailers reporting earnings next week: Tue HD Wed MSO and Thu GPS JCP KSS SPLS.
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