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techcharter

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techcharter

Re: None

Tuesday, 10/02/2012 10:37:22 AM

Tuesday, October 02, 2012 10:37:22 AM

Post# of 51788
SPX At Lower Trendline Support

The SPX is at support not just from a trendline formed by the lows since last Wednesday, but also from major lows since early June 2012. Over the last 2 weeks, the SPX daily highs have formed a downward sloping line. The short term channel lines are converging, so a breakout move should occur in the day or so.

The upside target would be 1480, made by the upper channel line from the June 2012 lows. The dowwnside target short term would be 1413 (50 day avg) or 1361 (200 day avg and 50% fibonacci retracement).

Go for straddle options.

Intraday

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spx&time=&freq=

Daily

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p13865599702
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