By InTheMoneyStocks on July 25th, 2010 4:16pm Eastern Time
The S&P 500 Index surged higher this past week gaining 38.34 into Friday's close. The early July support level remains intact at this time, and the broad based index has closed above the important July 15th pivot high resistance point. As long as the index can stay above this current 1100.00 area it could see further upside. However, as we have seen from the past six trading sessions this index can be very volatile. Therefore, it would be prudent to prepare for surprises in both directions with large point swings. If July has proven one thing it is that it will be volatile and choppy. The S&P 500 index will have weekly chart resistance around the 1108 - 1110 area and much more around the 1121 - 1126 area. Should the index decline or happen to sell off the 1075 and 1060 levels should be important for weekly support. For an alternative means of trading the S&P 500 you can utilize the SPDR S&P 500 ETF (NYSE:SPY)
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