Macro Monday….S&P 500 update…

Posted by Chris Kimble on 07/18/2011 at 10:08 am; This entry is filed under S&P 500.

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S&P 500 "Daily"....remains confined inside of a 7% channel.  Making key wick patterns around the highs and lows

S&P 500 "Weekly"...  Head & Shoulders pattern on a "weekly" basis has a cleaner look, compared to the daily chart. 

On a long-term 500 weekly chart, strong long-term resistance remains in place, as the 500 is close to the top of a trading range.  Key price to watch per the "H&S" comes in around 1,270, which has the looks of a neckline.

The top line of the long-term range includes such important highs (1987) and lows (2002/2003). 

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