So far all news have been very good for the markets and among the main indexes many have taken new highs. Today we are waiting for for the Fed's decision at CET 18:30 regarding QE3 stimulation for the US economy.
I have chosen to show and follow the SP500 from now until close in this regard.
Here is the weekly chart from 2007 all time high until now. The index is now at 1.437. All time high weekly close is at 1.561, the top 2007. The index is just below a strong resistance at the bottom on the first wave down from the top at 1.439. The second resistance lies at 1.466. The news will send SP500 up or down. This is the big picture.
This is the daily chart now since March 2012. You see how the current price is very close to move higher from 1.437. You also see the blue rising 8 day MA above the 21 MA. The technical big pictures are in a strong uptrend but if you look at the daily bar chart below - one bar is one day - you see that there has been four days sideways trading before today. This hesitation to go higher comes from the strong first resistance point on the weekly chart above.
It will be very interesting to see if Bernanke can take out that strong resistance point later today at 1.439.
I have chosen to show and follow the SP500 from now until close in this regard.
This is the daily chart now since March 2012. You see how the current price is very close to move higher from 1.437. You also see the blue rising 8 day MA above the 21 MA. The technical big pictures are in a strong uptrend but if you look at the daily bar chart below - one bar is one day - you see that there has been four days sideways trading before today. This hesitation to go higher comes from the strong first resistance point on the weekly chart above.
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