As seen in the attached report the S&P 500 is still above a support zone in the 1,227 to 1,220 area. Yesterday the index traded down close to the aforementioned support near 1,227 and reversed. Lately the tape has seen absorbed some bad news and managed to buckle but not break, which is encouraging. With the index still above support and its uptrend line from the summer lows we have to give the bullish bias the benefit of the doubt here. Secondary support lies in the 1,199 area. Again as long as these levels are not violated one has to respect the current trend which remains up

FusionIQ S&P500 Technical Snapshot – December 16, 2010

Category: Technical Analysis, Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “FusionIQ S&P 500 Technical Snapshot”

  1. BR,

    are you looking for ~1199 to be broken, on the downside, by OpEx Jan’011?