S&P Analysis 06 Sep. 2012

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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