4th August 2011

UPDATE

The anxiety of the S&P bulls

Technical Fundamental

in association with

Disclaimer

Authorised and regulated by the FSA

The anxiety of the S&P bulls

S&P 500 Stock Index CME Continuous 1700 1650 1600 1550 1500

1573.50 High

WEEKLY CHART
The market has stumbled since the beginning of the year. Three times it has tried to get back above the first High made in February of 1332.60. So, a small triple top or even a Head and Shoulders reversal may be on the cards. But in the context of the big bull run from the beginning of 2009, even though the diagonal trend support has been broken, (and acted as good resistance when the market tried to break back up through it) the Prior High of 1216 needs to be broken to convince the bears. And note the coincident support at that level from the Fibonacci retracement level.

in association with
Prior High support 1216.70
23.6%

1450

Prior high Pivot 1342.30

1400 1350 1300 1250 1200 1150

38.2%

1100

1050

50.0% Neckline support

1000

UPDATE Technical Fundamental

61.8%

950

900

850

800

750

700

Low 665.70

650

O N D

2008 M A M J J A

S O N

D 2009

M A M J J A

S O

N D 2010

M A M J J

A S O

N D 2011

M A

M J J

A S O

DAILY CHART
1375 1370 1365 1360 1355 1350 1345 1340 1335 1330 1325 1320 1315 1310 1305 1300 1295 1290 1285 1280 1275 1270 1265 1260

S&P 500 Stock Index CME Sep 11 High 1361.60

The detail of the 2011 price action is full of actual bear energy: 1. 2. The quadruple failure at the 1350 level. The small Double Top that has completed by breaking down through 1290. The completed Head and Shoulders Top on the break of the Neckline at 1259. (minimum target 1140)

1354.50 High

1332.60 High

1293.30 High

61.8%

3.

H&S Neckline
Low 1239.90

100.0% 1252.50 Low

1255 1250 1245 1240 1235 1230 1225 1220 1215 1210 1205 1200 10000 5000
x10

and potential bear energy 1. The Triple Top close to completion on a close beneath 1239.90.

Disclaimer

7 14 December

21 28

4 11 2011

19 25

1 8 15 February

23 1 8 March

15

22

28

4 11 Apr il

18 25

2 9 May

16

23

31 6 June

13

20

27

5 11 July

18

25

1 8 August

15

The anxiety of the S&P bulls

FUNDAMENTALS:
in association with

John Lewis is away

UPDATE Technical Fundamental

Disclaimer

Authorised and regulated by the FSA

in association with

UPDATE Technical Fundamental

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