1450.00 being solid or broken out?

SPX daily
The resistance line (white) that connect 1370.58 to 1422.38 shows the resistance value at 1450.00 for the next few days.

SPX 2-hours chart
The Andrews' Pitchfork (violet) may be more cautious to represent the trend channel that the prices have followed since June 4. The upper trend line hints +1450.00 being a resistance in next few days.
However I don't rule out the possibility that the real trend channel defined by the simple drawing that connect the low of June 4 to the low of July 24 and the high of May 29 to the high of June 19. If this proved more realistic later on, +1450.00 could not be a very solid resistance and bulls would break it out with catalyze of QE3 announcement.

Bulls would target 1445.35 in next one or two days.
A pennant break out (volume confirmed from SPY's chart) seen on the 15min chart and the textbook target is 1445.35.

No comments: