Way of the SPX 500 - 10092009
At approximately 15:14 the Index broke above 1039.5 and didn't look back . There was a steady increase in price until the Index closed on the High at 1044.14 above former resistance and now support level at 1043.1 . This now sets the stage for a test at [ 1047.2 - 1048.8 ] and then [ 1055.3 - 1055.9 ].
THe Resistance - Support levels, based on today's data for the next session are :
Resistance : 1049.5 - 1054.9 - 1071 - 1087
Support : 1033.4 - 1022.7 - 1006.6 - 990.5
The Daily Chart the Upper Boundary of an Ascending Contracting Wedge. The Upper Boundary at 1055 is within striking distance and could be tested in the next session. At that level we may get the Reversal that has not yet materialized. That is if the MM doesn't have other plans for the Market.
