S&P Analysis

[Tint]

01/16/2012 The S&P confirmed a negative closing on Friday managing however to recover from a low at 1272,70. The weekly closing was instead still well positive, even strong. The indicators of the daily chart are well positive but still close to the overbought area; those of the weekly one are also positive supporting higher levels. The indicators of the s/t charts are instead mixed to negative this morning supporting some consolidation. The correction we had on Friday formed however a new positive reversal suggesting a s/t target at 1303,40. Possible a test of the resistance line at 1291,60; the holding of this line will cause another drop this time toward 1265!! Only an hourly closing above 1294,70 will resume the move up supporting a firm 1300 overshooting!!
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[Tint]

The S&P is confirming a strong move up that already favoured a 1300 overshooting. We expect a test of the s/t target at 1303,40 with a possible direct overshooting toward the 1315 area, where we expect decent resistance and where we want to go short this contract in case of an overshooting!! The indicators of the daily chart are well positive but starting entering the overbought area. Those of the s/t ones are also positive supporting higher levels. Possible correction should find support at 1297,50 before the s/t support line at 1293,50.
We remain on the sideline.
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[Tint]

The S&P failed yesterday to confirm our s/t target despite the 1300 overshooting. While above 1286,30 we expect another test on the upside!
The indicators of the daily chart are still well positive but close to the overbought area. Those of the s/t ones are negative this morning supporting some consolidation/ correction. Only a break below 1286,30 will however favour lower levels with the 200 hours line at 1284,07 the first attraction. A break below 1286,30 could however also confirm a S_H_S formation!!
We remain on the sideline. Follow read more Stock Market News

[Tint]

The S&P confirmed another strong closing last night extending the move up today already toward 1309. We expect a test higher toward 1315 where we want still short this contract!! The indicators of the daily chart are still well positive but already entered the overbought area suggesting a limited upside potential from this levels. The indicators of the s/t charts are also positive with bearish divergences confirming a positive tone We sell a 1315 overshooting for a correction toward the 200 hours line, now found at 1288,27!! Read more Stock Market News

[Tint]

The S&P found good resistance above 1311 yesterday where it could form even a small double top in case of an hourly closing below 1306,40. A break will support a correction toward the support line at 1296,30! The indicators of the daily chart are still well positive but already showing overbought situations. Those of the s/t charts are mixed this morning suggesting some consolidation before trying another possible attempt on the upside for a test of the 1315 resistance area. We tried a small short position this morning just because we may see a confirmation of the double top favouring a test of the 1300 area before higher again
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[Tint]

The S&P confirmed yesterday an overshooting of the 1315 level finding good resistance already at 1318. The daily closing was still positive despite the correction. The indicators of the daily chart are still well positive but already showing overbought situations and potential negative reversals. Those of the s/t charts turned below the line supporting further consolidation/ correction. The decline since the top at 1318 found support at the support line, now at 1306,30. In the s/t only an hourly closing below 1305,50 will favour a deeper correction with the 200 hours line at 1297,59 the attraction. We suggest remaining short for now for a possible 1300 undershooting.
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[Tint]

The S&P confirmed last night a nice recover after the test at 1301,70 where it found already good support favouring therefore a positive closing. We expect now a retest of the 1318,00 level with even a possible if not even probable extension toward 1330. The indicators of the daily chart are still well positive but also still showing overbought situations and potential negative reversals. Those of the s/t charts are also positive this morning supporting higher levels. The move up from 1301,70 confirmed a positive reversal in the hourly chart suggesting a new s/t target at 1326,70! We remain on the sideline waiting for a buying opportunity. Read more Stock Market News

[Tint]

The S&P confirmed our s/t target at 1326,70 with even an extension toward 1329,50 before plunging again lower forming a negative day reversal. However only a daily closing tonight below 1309,50 will confirm a s/t top favouring a deeper correction. The indicators of the daily chart are still well positive but also still showing overbought conditions and a potential negative reversal situation that should limit the upside for now. Those of the s/t charts turned already negative supporting some consolidation/ correction. Possible therefore an extension of the decline toward the 200 hours line at 1306,78 if not even a little lower. The present decline is corrective and should be followed by a new attempt on the upside. We wait for lower levels to go long.
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[Tint]

The S&P confirmed on Friday a negative closing but it failed to fully confirm the negative day reversal. The indicators of the daily chart are still well positive but also still showing overbought conditions and a potential negative reversal situation that should limit the upside for now. Those of the s/t charts turned all
negative already showing oversold conditions in the hourly one. Nevertheless we favour an undershooting of the 1300 level before resuming the move up. s/t rebounds should find resistance at the 200 hours line at 1309,00. We wait for lower levels to go long.
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[Tint]

The S&P found yesterday good s/t support above 1317 remaining however interior the range of the previous day forming therefore a new inside day with 1328,00 – 1302,80 the levels to follow. A break above 1328,00 will probably suggest also a break of the key level 1329,50; however only a daily closing will support higher levels. The indicators of the daily chart are still well positive but also still showing overbought conditions and potential negative reversals suggesting a limited upside potential. Those of the s/t charts are positive supporting further strength. We do still see the chance for a firm test of the 1329,50 key level followed by an overshooting toward a s/t target 1336,10, especially now that the hourly indicators are starting to form bearish divergences!! While below 1329,50 the risk is for a sensible correction but only an hourly closing below 1317,30 will confirm a decline!!
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