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Outlook 24 October

Posted by Dan on October 24, 2011

The market has been going sideways with some upward bias last week.
In line with our expectations.

Let’s take a look at the current chart for the S&P index (click for larger image):

S&P

The S&P index closed the week at its highest level since early August.
With another week of lunar Green Period coming up we can look forward to some additional gains this week. But I think overhead resistance will appear in the 1250-1270 area. Next week we will enter a Red Period again, so I would take some money off the table if that level is reached.

Stay tuned, Danny

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