Thursday, May 31, 2007

New High Weekly Close In The Cards...Or A Dead Man's Hand

Or is this setting up to be a trap to get everybody long the market? Hence the "Dead Man's Hand". It is hard to fight the tape.

These are both charts of the S&P 500 Index. The monthly chart shows the high water mark from back in 2000, 1552.87. The other chart shows the various levels based on the opening range created in the beginning of this trading year. Support using this concept is 1524.10 and the next target is 1547.77. The chart can be clicked and enlarged to see the levels marked by the dashed lines.

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