S&P 500 violates support, possible top

Will S&P close below 391.50?

 

CURRENCIES

ECM12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on a range violation on 03/19/12 @ 1.3196. Confirmation of a bottom on a range violation 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
  • New highs made on current move Wednesday @ 1.3292. Upside Target over 60% achieved.
    • The Euro took off overnight but was pushed back lower during the pit session to close at its lowest level all week yet just barely above 1.32.
    • If the Euro can push higher through 1.33 it should have no problem going after the initial upside objective of 1.3380 followed by 1.3470.
  • Projected Daily Range: .0104
  • Projected Weekly Range: .0228
  • Projected Monthly Range: .0601

 

INDEXES

 

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 03/08/12 with a range violation @ 1359.75 and a confirmation of a bottom with a close @ 1360.50. Upside Target = 1420.25-1450.50.
  • Possible confirmation of a top with a range violation @ 1391.50. Possible confirmation of a top with a close @ 1391.50 or lower.
    • The June S&P’s closed lower for the second consecutive day Wednesday with bullish divergent price action as the market continues to struggle above 1400.
    • This market should experience a slight setback towards 1378.00 – 1370.75 before it can garner more support for a serious push higher to 1450.50.
  • Projected Daily Range: 13.00
  • Projected Weekly Range: 31.50
  • Projected Monthly Range: 73.50
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About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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