Technically Speaking: Near Term Outlook SP 500
July 11, 2011 11:00pm ET
Near Term Outlook | S&P 500
Over the near-term, since mid-February of 2011, the S&P 500 has been going nowhere, stuck in a multi-month horizontal range that is bound between a floor at 1249, and a ceiling at 1370.
Following a rapid move back up toward the upper end of its range after testing its base in mid-June, S&P 500 bulls are expressing some reservations.
Short-term, we have circled capture of an old 13-point downside target of 1326 from early July, and draw your attention to a sell side setup mapped out last Friday, which currently cites a short-term downside target at 1313.
Our recent work in the US Dollar conveyed that the US currency was coiling and set to unwind. Well, unwind it did, at least over the short-term.
Trading with a respectable level of inversion to broad equities the recent upside move in the dollar added confidence to our outlook for the imminent weakness we are now experiencing in the S&P 500.
Technically Speaking Video
I trust and hope that you have extracted something of actionable value from this edition of Technically Speaking.
Until next time,
Trade Better/Invest Smarter
Elliott Wave Technology's Near Term Outlook is for those who demand masterfully consistent and objective technical analysis that visually lays out actionable ideas from which to engage the broad markets over the short and near term. The publication is delivered to institutional and private clients each Monday, Wednesday, and Friday evening.
The Near Term Outlook covers 7 essential broad markets.
US DOLLAR | DOW JONES INDUSTRIALS
| S&P-500
NASDAQ-100 | GOLD | CRUDE OIL | BONDS
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Author: Joseph Russo
Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology
Joseph Russo, presently the chief editor and analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program. Having passed the Level I examination in November of 2004, Joe is now preparing to begin study for his Level II exams. Upon successful completion of an exhaustive level III examination he will have earned the industries highly regarded designation of Chartered Market Technician.
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