Sunday, August 5, 2012

S&P back at YR1

The S&P 500 re-tested the yearly R1 pivot point(1394) on Friday. The past 9 mondays in a row have been down days. Will we make it 10 weeks in a row tomorrow(8/6)? Watch for a possible double top failure up here. Need to see a close over 1420 for new bull market. If we do close over 1420(YH4) there is a open gap at 1478 from Dec 2007, and the yearly R2(YR2) pivot point is at 1530.

P.S. Sorry about the lack of updates. I'm on a working vacation this month. Rocky Mtn. High!