SPX monthly chart. Powerful resistance at 1241: descending trendline resistance from March 2000, July 2001 highs and ascending ex-trendline suppport from 2004. ES has already hit that target pre-open last Thursday, it now remains to be seen if the cash index will do so as well. In any case, bulls need a close above 1241, or else bears will start getting more aggressive.
click on chart for full size
click on chart for full size
This entry was posted
on Tuesday, July 26, 2005 at 6:48 PM.
