S&P 500 Analysis
S&P Analysis 16/06/2010
There is lots of stuff happening at present. But what I like is to see the charts behaving themself. Hooray! (See Below) As I type this Obama is up and talking live about the OIL SPILL ….something that is just a total disaster in my book. I was watching it all the way up until he said something about BP Gulf Spill a Call to Action to Cut U.S. `Addiction’ to Oil … pretty stupid comment as it has nothing to do with this in the first place. Not really a fan of the man, and I am sure the way he is handling this will not go well for him in the coming months.
OK enough rambling….lets take a quick look at the charts.
We are still seeing a possible head and shoulders on the charts play out. For me the break yesterday is firming our views that this right shoulder at 1150 might infact play out. Also contributing to this is the nice double bottom that we have seen at around the 1040 level. The 1110 was the top resistance to that pattern and that is again, solidifying our 1150 level. More like a double confirmation for now anyway. There could be negative news to break this current action, and anything is possible. But this action is more on the bullish side for now.
It will certainly interesting to see the action over the coming days and weeks for sure. Because we are at a critical juncture here, and this post will be important for those out there who are trading these markets. Good Luck!!! 
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