S&P 500 Market Summary 02/08/12
The markets opened up and made higher highs and then decided to test the 200 moving average. The rest of the day the index slowly moved up to record an up day. See the 5 minute intra-day chart below.
The 5 minute intra-day chart below would indicate that we are in an upward channel with the next resistance at $1,376. Technically speaking, the moving averages are in a very bullish formation. The 50 day average just crossed the 200 day last week to the upside creating a “golden” cross. All three moving average are in the right order (200 on the bottom then the 50 and then the 21) an it in an upward direction.
Lets’s see what the next few days bring. I think then has to be some resistance at $1376.
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