Wednesday, May 15, 2013

S&P 60 min chart - tagging the upper trendline

The 'Energizer Bunny' market is up again today making new highs, the 'sheep' just can't buy this market fast enough I guess!  

Anyway here's a 60 min chart of the S&P 500, as you can see it has tagged the upper trendline of this channel, this is a resistance point and aggressive traders could short that with a very tight stop.  Again the trend is very strong therefore I would consider this only for a trade and only for aggressive traders.  

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