On the technical Highway, it has been observed a milestone showing S&P 1040-45 level. at the moment while this blog is being written, we standing exactly at 100 point away from milestone. bear are strong enough on screen. as we had twin channel pattern, they were retested, validated more aggressively after jun 2010. the performance of indices was within the channel range from jun 2010 till date, start of Aug 2011 was the breakdown event from upper channel, and the downgrade of USA ratting was the priority reason for further retesting of next channel support line around 1095. if , i may, S&P will able to sustain this channel range of 1100 to 1210 for quite some time, as an opportunity for channel traders. Further breakdown from the support of 1100 cannot be ruled out in near future as bears are currently living in luxurious apartment.
the next support is? well, everyone who not technical savvy, can observe ......
regard
CJ
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