Schaeffersresearch.com: “Potential short-term resistance for the SPX is at 1,320, the site of the pre-Lehman Brothers high in 2008, and 1,345-1,350, which was the site of resistance in 2011. Short-term support is in the 1,285-1,290 area, site of a late-October peak.”
ChartAdvisor.com: “…It would be very difficult for the markets to stage an extended rally from this point, so some consolidation or pullback remains likely. If the pullback is tame, it could set the stage for a healthy rally moving forward.”
About admin
Richard Cheng, M.D., Ph.D., is an avid Wall Street investor with 20+ years of investing experience. He is specially adept at observing the world to find the patterns and then design strategies to win his battle. Most, if not all, happenings in the world, follow certain patterns. These patterns may be complex, multi-factorial, not so intuitive at the first glance, or even may appear chaotic. However, even chaos has its own patterns. If you pay attention and be patient, you'll find them and then you will gain an upper hand in your battle. Using this blog space, he documents his trades and his thoughts as they happen. He uses this blog as a a notebook to help him better refine his strategies. Hopefully this will help you as well. Good luck in your trading.
