The September S&P 500 index was higher overnight as it extends this month’s rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term.
| ESU9 For 07/30/2009  |
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| Symbol | R1 | R2 | Pivot | S1 | S2 | |
| ESU9 | 979.33 | 983.67 | 971.67 | 967.33 | 959.67 | |
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9:45 AM ET3:00 PM ETThe September S&P 500 index was higher overnight as it extends this month’s rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near- term.
July 30, 2009
When price makes a new High and then retreats, sellers who missed the previous peak will be inclined to sell when price returns to that level. Afraid of missing out a second time, they may enter the market in numbers sufficient to overwhelm buyers. The resulting correction will reinforce market perceptions that price is unlikely to move higher and establish a resistance level.
With the S&P 500 making new highs and as world equity markets following suit, the question becomes how high can we go?
In this short video on the S&P 500, I outline some mathematical upside target zones that I am looking at for this market.
There are no registration requirements, so enjoy
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