S&P 500 Weekend Update: Continued Push Higher
Other than Friday, the stock market had a good week continuing to push above
the 1150 mark and closing out the week at 1159.90. Support now comes in at
1150, along with initial trendline support at 1140 and further support at
1125. A drop back into this area would warrant concern and signal a false
breakout. Blue lines on the chart mark potential trendline support if the
initial trendline line is broken.
Target on the upside is just below 1200 and if that is broken then 1250.
The average weekly movement for the S&P is just under 31 points. Keep this
in mind, as it will likely take a week or long to reach this initial upside
target, and several weeks to hit the second target if this market continues
higher.
Cory Mitchell, CMT
Vantage Point Trading
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Analysis written by Cory Mitchell for CFDsPros.com
---
Risk Disclosure:
Trading on margin involves high risk and is not suitable
for all investors. The high degree of leverage can work against you as well
as for you before deciding to trade you should carefully consider your
investment objectives, level of experience, and risk appetite.
__________________
For information on stocks and real time stock quotes see CFDsPros.com.
Other than Friday, the stock market had a good week continuing to push above
the 1150 mark and closing out the week at 1159.90. Support now comes in at
1150, along with initial trendline support at 1140 and further support at
1125. A drop back into this area would warrant concern and signal a false
breakout. Blue lines on the chart mark potential trendline support if the
initial trendline line is broken.
Target on the upside is just below 1200 and if that is broken then 1250.
The average weekly movement for the S&P is just under 31 points. Keep this
in mind, as it will likely take a week or long to reach this initial upside
target, and several weeks to hit the second target if this market continues
higher.
Cory Mitchell, CMT
Vantage Point Trading
---
Analysis written by Cory Mitchell for CFDsPros.com
---
Risk Disclosure:
Trading on margin involves high risk and is not suitable
for all investors. The high degree of leverage can work against you as well
as for you before deciding to trade you should carefully consider your
investment objectives, level of experience, and risk appetite.
__________________
For information on stocks and real time stock quotes see CFDsPros.com.