Jul 31

S&P 500 (SPX) Just Below Important Resistance

With two hours remaining in today's session, the SPX is circling 1277/78, which is just below important resistance at 1280. A print of 1282 will constitute an upside breakout on the chart, and trigger a projection to 1290 next. Only a decline that breaks 1270 will begin to compromise the current constructive pattern.

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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!