Wednesday 27 April 2011

SPX Daily Chart - 26 April 2011

     The market broke above both the supply line and overhead resistance yesterday while working off its divergence with the RSI indicator. Confirmation today of the break above 1341.59 will turn the daily chart bullish and move the allocation mix to +75%. Still watching to see whether the RSI can get above the area reserved for bear market rally resistance (parallel red lines).

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