Diary of a Financier

SPX Weekend Update: Surge Higher After Support Holds

In Capital Markets on Fri 27 Jul 2012 at 16:40

S&P 500 (ES/) Futures charts:

ES daily- support ultimately held at 50DMA before a shot higher, perfect timing according to the 2011 analogue; trend undoubtedly higher; bear trendline resistance (dotted blue) will provide intraday support ~1360 if necessary next week.

ES daily/weekly/monthly- bullish daily & weekly fractals will lead ES higher, monthly will try to breakout of LT bull flag.

Week-end closing prices (4:00 est):

SPX= 1385.97
ES/= 1382.50

–Romeo

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