S&P has done well once more...breaking 1447 and trading to target 1452. As stated yesterday there is good resistance at 1452 to 1455 and we see this at least holding the topside for a while. We should come back towards the break point of 1446/45.

We would again look to be buyers on weakness in S&P because the market does look a bit more bullish now and the flag /pennant formation we have been looking at has been broken on the break of 1447 so we seem due for a rally and we would be having a
1475 target over the next few trading sessions.

Our only concern would be a break back below 1443. If this occurs we are propelled back within the 1435/32 support zone, and here is where we would be expecting buyers in once more.

 

The article was first published by CharmerCharts