S&P 500 Index candlestick chart

Can the S&P 500 break major resistance?
Intermediate uptrend for the S&P 500 Index with major resistance at 1,420.  RSI is confirming the uptrend.

S&P 500 Index 6 Month Candlestick Chart

The technical indicators in the above chart point to the index having a good chance to break major resistance which was the April, 2012 high. This will be a major test for the S&P 500 and the bears are waiting for any signs of capitulation. The only negative is the relatively light volume which is typical for the summer months. But, at least the volume has increased over the last three trading days. Take your signals from the market action and trade accordingly.

Reference the last candlestick chart analysis for the S&P 500

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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

© 2012 TradeOnline.ca

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