Posted by Danny on June 11, 2012
The markets are rebounding from major support levels.
It doesn’t mean the correction is over, but I would look for the upswing to continue for a while.
Here is the current chart for the S&P 500 index (click for larger image):
The S&P seems to have bottomed near 1270. We are in a lunar Green Period, so I would look for the market to climb further in the next weeks. There will be some resistance around 1350, then 1400.
We could get back near 1400 by July or August, but that’s something we will monitor in next weeks’ musings.
Stay tuned, Danny