An upside breakout would be significant

Posted on September 4, 2013 - 12:43pm

ryanbrennan's blog

By Lawrence G. McMillan

The market continues to fluctuate, seemingly with news about Syria. Dovish news is bullish; hawkish news is bearish. However, given the fact that there are intermediate-term sell signals in effect, there is a lot more going on than merely reacting to news about possibly attacking Syria’s chemical weapons delivery systems. $SPX rallied strongly, but failed near 1650. Over the last week, $SPX has been contained within the 1630-1650 area, so that is a near-term trading range. A breakout on the downside would likely be significant. Above 1650, the major resistance is at 1670 and most importantly at 1680...

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ryanbrennan's blog

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