Using Fibonacci lines, from the last bottom of late June, and placing the 38.2% level near the last strong support, I see a possible near upside target at 1275, and next support line near 1215.
Thursday, December 30, 2010
SPX in strong uptrend, clearly overbought
SPX is clearly in a strong uptrend. Both CCI and %R suggest overbought levels. It would be best to wait for the next correction. The last correction, in November, was a 3.6% drop from 1224 to 1180 that took 7 days to develop. The 1180 level was strong support.
Using Fibonacci lines, from the last bottom of late June, and placing the 38.2% level near the last strong support, I see a possible near upside target at 1275, and next support line near 1215.
Using Fibonacci lines, from the last bottom of late June, and placing the 38.2% level near the last strong support, I see a possible near upside target at 1275, and next support line near 1215.
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