Friday, May 3, 2013

SPX daily charts/comments

Here's a few S&P 500 charts, as you know the market is up huge today on the Jobs data, a fairly broad based rally (except for gold stocks remain pretty horrid).  Copper is huge HUGE today, up over 6.7%!!

Regarding the daily S&P 500 charts, one target to the upside may be the upper trendline of the channel, the second chart show an expanding triangle, again the uptrend trendline could be a target should it push higher.

The 3rd chart is our daily pivots chart for the SPX, as we have been stating, if the 1597 pivot was cleared, that would open the door for a quick push up to the next pivot at 1614 and clearly we've had that today.  The next pivot beyond 1614 is 1628.

Clearly it's tough to chase longs up there unless for short term trades.  It's Friday, I would avoid chasing any new long at this point without a pullback.

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