Wednesday, December 16, 2009

12/16 - SPX Long Term

20 Year

5 Year

60 Days

If the SPX wants to continue to push higher and if the longer term chart is any indication, I have a feeling 1140ish will provide a serious level of resistance.

Since 1998, the 1040 level has acted a support and resistance area numerous times. As we focus closer on the past 60 days, notice that the 1040 trendline, long term bear trendline and converging trendlines all intersect near this level.

So again, IF the SPX pushes higher, I'll be watching the action at this level.


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