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S&P Analysis 06 Sep. 2012

BATS:SPY   SPDR S&P 500 ETF
169 1 1
I am using SPY             4Hour Chart because SPX             is a available in Daily time frame only.
S&P             Index is breaking up convincingly above falling resistance trend line. BOE and ECB Base Rate decisions and subsequent press conference by Mario Draghi managed to influence the Markets.
Also just published ISM Non-Manufacturing PMI data helped with the sentiment .
Could this be the breakout that we were all waiting for ? The next logical Resistance for S&P             is located at 1426 level which is the previous high. The Daily close above that level could help with Bullish sentiment and potentially target 1440-1447 as a next resistance levels. Alternatively current support is firmly located at 1409.79.
Indicators like RSI , MACD and Stoch are showing positive Bullish cross over and curling upwards.
Bollinger Bands are opening to accommodate potential move higher also.
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