Friday, October 5, 2012

S&P 500 - October 4, 2012

This is a chart with weekly TopFinder (red graph)




Nearby weekly support is around 1430


This is a daily with S/R curves







Notice how nicely the fastest trend line of chart provided support and bounce


I had nearby resistance around 1460 and, yesterday, index tried to go through that


Nearby support is around 1460-1435 which is more and more shaping up as a defining level for the current upswing. It also coincides with weekly support of 1430


Better and more important support remains around 1400-1415 area


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