Tuesday, July 14, 2009

S&P Down trending channel update

Below is an updated chart showing the S&P downtrending channel. We continue to work our up to test the upper channel resistance as suggested last week. With futures up significantly this evening as a result of INTC earnings, it is possible that we could test that upper resistance tomorrow. It is also possible that that may mark a top. Notice that the VIX made a new closing low today. Tomorrow if we do pop early, it likely will make a lower daily low and the S&P could hit up against it's upper bands.


Post a Comment