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.
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.
The critical support zone represents a retracement of 50% from the April, 2012 high to the November, 2012 low. There is money on the sideline that will flow into equities at this level. And the shorts will cover if the S&P 500 Index continues to advance above the support zone.
A confirmed break below this support level is an ominous warning for this U.S. Index.
Against the backdrop of the Eurozone crisis with Greece and Spain in the spotlight, there are four major U.S. reports the week of May 28, 2012:
On Tuesday, the U.S. Conference Board reports on consumer confidence in May. Economists expect a reading of 69.5.
On Thursday, the U.S. Labour Department reports on initial jobless claims in the week ending May 26. Economists expect 370,000 new claims.
On Friday, The U.S. Institute for Supply Management issues its manufacturing index for May. Economists expect a reading of 53.9.
On Friday, the U.S. Labour Department issues its jobs report for May. Economists expect the unemployment rate to remain unchanged at 8.1 per cent, and non-farm payrolls to add 150,000 jobs.
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.
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.
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.
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.
There is a high probability that the S&P 500 Index will test major resistance of 1,370 within the next two weeks. Using the 2% rule, a convincing close of 1,400 for two consecutive days would set-up the index for an upside target of 1,470.
A failed low-volume test of resistance would see the S&P 500 index move into a trading range of 1,350-1,250. And then we will be back to monitoring the major support level of 1,250.
Reference the previous analysis of the S&P 500 Index using candlesticks
