The S&P 500 moved straight up since last week and nearly reached the highs of this year. I think some consolidation is necessary. Support should be around 1330, 1311 and 1294. Any consolidation should not go lower than 1294.
Thursday, July 7, 2011
Technical Analysis - DAX 30 and S&P 500
The DAX moved slightly up during the last two days but overall nothing really changed. The daily candles indicate some uncertainty. I am still expecting a move back down to 7320 at least maybe even 7250 before moving up to 7800. My upside target is the upper trendline shown in the chart.
The S&P 500 moved straight up since last week and nearly reached the highs of this year. I think some consolidation is necessary. Support should be around 1330, 1311 and 1294. Any consolidation should not go lower than 1294.
The S&P 500 moved straight up since last week and nearly reached the highs of this year. I think some consolidation is necessary. Support should be around 1330, 1311 and 1294. Any consolidation should not go lower than 1294.
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