S&P Update

By November 4, 2012 Market Analysis No Comments

Last week was three trading days week. On Thursday market rallied. S&P went close to 1440 resistance mentioned last Sunday. S&P hit a high of 1434.27 on Friday and closed at 1414.20

S&P has found some support at 1400-1402 level but looks like this support will be broken. Based on planetary analysis I see 1386-1387 as next support for S&P. The 200 day moving average is just below and it stands at 1379. 1370 should not be broken in any case, otherwise S&P could fall another 80 points.

Dow Jones resistance 13,330. NASDAQ 100 resistance 2713.

Based on Fibonacci there is a market turn date coming up on November 8th. However, market turn date does not mean market will turn its direction for sure. It is a heads up that market could turn direction on such date and we should be aware of such date.