Home > charting trendlines, Financial Ponzi, stock charts, technical analysis > S&P nearing resistance… reversal soon?

S&P nearing resistance… reversal soon?

The S&P has continued to rally happily on the rumors and echoes of quantitative easing from the Fed and/or ECB.  Hopium, in short.  The arrival (or not) of that support will likely decide the mid-term future of the market, but it’s also worth noting that S&P is edging into dual resistance.   A fakkubg trend line from the tops of 2007 and 2011 resides here (the fat line).  A rising trend line from late May that connects three different short-term tops from this summer also resides around 1400 here.  So the S&P has rallied into a couple of different resistant trend lines.

There’s a lot of Bullish momentum.  Let’s the see if the Bulls can push through this resistance, as they’ve managed to do each of the last two years after last spring sell-offs.

Here’s a look at the longer term S&P chart as I see it.

 

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