SPX Market Report and Economic Data for Thursday 27/01/2011

New highs today but with this close can have here potential bearish divergence price vc indicator.
Sellers need to break first today lows (1291.97) and next close 60 minutes chart below 1288. If not who is going to believe them.
Tomorrow expect test 1292 at least 1294, perfect reversal is open  gap down.
Continuation bullish scenario breakout today highs next 1305 confluence area and  1310.

Commentary Daily chart SPX500 EOD - Swing trader

Above 1268 trend remain bullish target range [1297,1324] possible top next months. If 1297 is the top need confirmation with a close daily below 1268.

Daily close above 1297 next area 1310 possible extension 1324.

Daily close below 1268 next area 1235 possible extension 1220.

Area Daily chart - Position

Suport - 1220, 1235, 1268 and 1278;

Resistance – 1297, 1310, 1324, 1350;

Commentary 60 minutes chart SPX500 EOD - Day trader

Close below 1288 win momentum downside first target 1282 possible extension 1278.

Breakout today high 1299 expect 1305

Area 60 minutes Chart – Daytrading

Suport - 1272,1278,1282 and 1288

Resistance – 1297, 1305 ( New) - confluence number and 1310

Click to zoom in.

Economic Data/Events week 24-28 /01

Thursday

Weekly Jobless claims

Durable goods and Pending home sales.

Friday

Q4 GDP est. at +3.8% and Consumer confidence.

SPX Market Report and Economic Data for Thursday 27/01/2011