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Possible SPX Range

 
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arthur
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PostPosted: Sun Feb 20, 2005 3:52 pm    Post subject: Possible SPX Range Reply with quote

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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