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S&P

7 Feb 2014 ‚óŹ 05:00 AM

S&P - yesterdays move up is not very convincing because of the cracks that preceded it. Trendlines and weekly averages broken and weekly momentum indicators in sell mode with incomplete cycles, the 20wma break occurs after over a year, and so ends a prolonged rising trend that was giving lots of false signals before it broke these levels. Therefore wave wise my markings are a series of impulses and yesterdays bounce back is kissing the one year trendline from below, a pullback to 1775 on the trendline that should act as a selling resistance.

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