Weekly S&P 500

The S&P 500 shows what happens when a wedge-pattern nears completion: A hefty break out !

The wedge pattern that held for 4 years was also born out of the highs of 2007 and the lows set in 2009, a lower high in 2011 and a higher low in the later part of last year. In January the index broke above the downward sloping resistance line and managed to take out the triple-top formed in the first half of 2011. After a retest of those levels we have moved around 4% higher in the last 2 weeks and the index now looks ahead to the 2007 highs of 1.570, while first the 2011 highs and next the converging wedge lines will act as support.

Happy Hunting & Let’s Be Careful Out There !!!

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