Saturday, November 6, 2010

SP500 In Resistance Zone

While the SP500 has managed to breakout above the April high, the volume on the breakout was quite subdued - only barely above the volume at the April high. It is now just above median line resistance from the April to July correction and the August correction. While more upside may be seen near term, 1270 will have to be hurdled before the market can really run without interference. The 1200 to 1257 zone is probably an area that many will see as a selling opportunity, but until there is a break below 1220, the rally will remain intact.

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