S&P500 reaches new heights

Market Leader informed

On Friday, Nov 5^th 2010, S&P500 gained in value against the background of Federal Reserve Chair Bernanke’s speech concerning further purchases of the US treasury bonds.

The rapid uptrend has a form of “the Hound by Elder/MF”.

According to the Department of studying Masterforex-V trading system , the uptrend will continue. In order to reverse it the price needs to break through the defensive MF pivot and MF Sloping Channel with further going for “the Moment of Truth/Test” and settling below the accumulated volume clusters.

 

Resistance levels for the uptrend:

1344.96=123.6%AW1+276.4%AD1+200.0%а(С)D1

1287.81=111.8%AW1+223.6%AD1+161.8%а(С)D1

1232.58=61.8%MN+188.2%AD1+123.6%а(С)D1

This week’s key news that may influence the trend dynamics (GMT):

Nov 8^th

18:40      US - Federal Reserve Bank of Dallas President Fisher speaks on "The Impacts of Financial Reform on the road to Economic Recovery" at the Association for Financial Professionals Executive Institute Conference"

20:30      US - Federal Reserve Board Governor Warsh speaks on "Invest in America" before the Securities Industry and Financial Markets Association

Nov 10^th

13:30     US - Jobless claims

13:30     US - Import Price Index

13:30     US - Trade Balance

19:00     US - Monthly Budget Statement

Now 12^th

14:55     US - Michigan University Consumer Sentiment Index

 

 

You are free to discuss this article here:   forum for traders and investors