Tuesday, August 5, 2008

S&P 500 took support near 1245

As I mentioned yesterday (see my last post), the S&P 500 when not managing to be over 1262, fell to 1253 and breaking that it almost kissed 1245, which I mentioned as next big support. After that, as of now, the S&P 500 futures have rallied back to retest 1260ish levels again. It's a vertical upmove and as I always say a vertical upmove should not be trusted too much. If it consolidates above 1262-65 for some time, then there can be a trustable upside.
I did not put any chart, but looking at hourly chart, the upmove is being restricted at 55 period EMA and 200 period SMA (around 1260).

Lets wait and see today's move.

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