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本帖最后由 kenwind 于 2010-8-7 17:54 编辑
SPX made a complicated but nice text-book movement in the past couple of months. The June high of 1130 now is a significant resistance level for it to trade through, as you can see SPX is bending down in the past couple of days. However, I won't be surprised to see it penetrate that level marginally. A nice wedge is formed since end of June. Theoretically, it is near the end of the wedge and a break out is expected. Another move up towards the upper line of the wedge can't be ruled out. A more critical level is the May high of 1175. As long as this level stays hold, the trend is down.
A great signal for SPX bears is the USD/CAD. On last Friday, it formed a powerful bullish candle. The previous two times it touched this level and bounced right back with long white candle. It managed to make sustained upward move thereafter. This time may not be any different. My view is we may see a break up in USD/CAD in next week, which will drag down SPX significantly.
www.realmarkettrend.blogspot.com |
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