S&P 500 Technical Analysis for 12 February 2013 (1517)
S&P 500 Forecast for 12 February 2013 (1517)
View: Momentum can still push this to 1523/27 region with setbacks so far contained by 1495. A breach of the latter would put 1454/59 in sight but still not negate the overall positive momentum.
The strength shown by oscillators, %B, directional indicators, and MACD point to a continuation of the previous uptrend. However, there are some potential warning signs. Directional indicators are at levels previously associated with a change in trend. Oscillators, %B and MACD have been flat and the slope of the 9 and 21 EMA is increasing at a lesser rate. As such, 1523-1527 could be reached but is likely to offer a setback to 1495. What happens here is crucial as the market has tried about 2 to 3 times to break this level. Failure to do so, would see a swift resumption of the uptrend. A breach would send prices back to 1454 although a successful defense here would still support the overall positive picture towards the 2007 highs.
1576 12-Oct-07 H
1552 2-Nov-07 H
1527 Bollinger upper band
1524 138.2% retrace of Sep12-Nov12 decline
1523 14-Dec-07 H
1517 Spot
1509 9 EMA
1505 123.6% retrace of Sep12-Nov12 decline
1498 Bollinger MA line
1495 21 EMA
1495 4-Feb L
1474 14-Sep H
1469 Bollinger lower band
1459 50 DMA
1454 Short term trendline support
1435 Medium term trendline support
1407 Daily cloud upper
1406 Daily cloud lower
