The indexes enjoyed a very good day on Thursday with the S&P500 finishing at its second highest closing level on an up day since May 10th. Since 6/6, SPX has closed or opened at 1,314-1,315 four times so there’s some definite price congestion at that level. Watch to see if this congestion acts as new support on any dips with further support around 1,307. Our fear would be that a breakdown below those two support levels would imply a breakdown below 1,300 is inevitable. All eyes will be on the most recent highs around 1,334-1,335 should SPX continue its advance heading into the weekend.
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Related posts:
- SH @ the close 2/23/12: SPX stuck in range, even at 10 month high
- SH update 3/1/12: Revisiting the gold & silver miner trade
- SH @ the bell 10/19/2011: The psychology of high volume in a tight range
- SH @ the close 10/21/2011: SPX breaks out of trading range; copper rises 5%
- Stockhaven @ the bell 8/23/2011: What is the market’s next move?
