Can The Bulls Blast Through 1490?

December 5, 2007 at 6:02 pm  ·  Category: Market Commentary, Technical Analysis

“The Standard & Poors is now challenging 1490 once again, and if it can move significantly through that level it will have proved itself worthy of another run at its old highs.”

– Michael Kahn, “The Bulls Have The Ball Again” (subscription required), Barrons Online, Wednesday December 5

1490 has become an important line in the sand for the S&P 500

It served as support when the market corrected in mid-October.  And now it seems to be serving as resistance as the market couldn’t push through it on Wednesday November 14th, last Friday or today (S&P 1490 Resistance Chart).

With the S&P closing today at 1485 one wonders if we aren’t at a moment of truth.  Can the S&P blast through 1490 and challenge its highs?  Or is this merely a bounce that has now run its course?

We’re probably going to find out soon.

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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