Wednesday, June 10, 2009

1000?

SPX looks to be opening up  today, here is one chart pattern that might lead the next move if SPX manages to get and stay above 950.

SPX on the daily has consolidated into a nice bull pennant. This pennants flag pole starts from 880 to 940 a 60 point move.  The break out should occur around 944-950, which is alos the top of the range we are stuck in. A conservative estimate on the move is at least to 1000, but it could move to 1010.


The market will have to hold 950 and stay above the top of triangle, but today might be a very strong trend day.