Chart of the Week: SPX

The S&P500 has been stuck in a broad trading range since late 2003. A close over 1130 would mean that this range has been broken. That sets up a leg upwards into the new trading range.

SPX at the top of its recent Range
click for larger chart
chart courtesy TC2000

The lower end of the range is 1050 or so; A failure at the 1130 level sets up the following possibilities: a retest of the recent lows; a partial retracement; a fresh attempt at breaking that resistance. We will keep you informed as soon as we have a strong conviction about which is the most likely outcome . . .

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Quote of the Day:
“Decisions determine destiny.”
George Patton, General U.S. Army (November 11, 1885 – December 21, 1945)

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