Thursday, 13 December 2012

S&P 500 testing resistance at two trend lines

The S&P is testing resistance at the up trend line drawn from the October 2011 and June 2012 lows, and the down trend line drawn from the November 2012 highs, a line which runs parallel to many prior down trend lines (two shown). A rally through today's high would indicate further gains towards the 2012 high, while failure to rally through today's high would be near term bearish. Two sides to a coin.