Technical Analysis and Outlook:
As indicated on the chart analysis for February 23, the S&P 500 (Spooz) index excelled yet again as expected, bouncing off the strong Mean Support 5060 and reaching a new high.
The main up price target for the index is Outer Index Rally 5170, with a prospect of extending to the next Outer Index Rally 5280. Notwithstanding, once the 5170 level is accomplished, the index is expected to drop somewhat and continue its journey toward the Outer Index Rally at 5280.
In view of the fact that the uptrend is so strong, we do not have any viable support or resistance levels for slower time frame charts (Swing/position trading mode). We will monitor the price action this upcoming week and determine what and when we should unload or exit the market.
As indicated on the chart analysis for February 23, the S&P 500 (Spooz) index excelled yet again as expected, bouncing off the strong Mean Support 5060 and reaching a new high.
The main up price target for the index is Outer Index Rally 5170, with a prospect of extending to the next Outer Index Rally 5280. Notwithstanding, once the 5170 level is accomplished, the index is expected to drop somewhat and continue its journey toward the Outer Index Rally at 5280.
In view of the fact that the uptrend is so strong, we do not have any viable support or resistance levels for slower time frame charts (Swing/position trading mode). We will monitor the price action this upcoming week and determine what and when we should unload or exit the market.
Comment:
The Spooz bounced from our designated Mean Sup 5060 as expected. As conscience, the newly created Mean Res 5139 - strategic exit point, or tight stoploss protection.
