SPX Daily Looking Back to 2006

SPX daily back in the summer of 2006, just shy of five years ago.  After this non-stop ride up recently for the bulls, a pull back to confirm the breakout from the 1230-1240 level would be in order.  Price broke thru this 1230-1240 resistance area a couple months ago and now is testing the top of that summer of 2006 range at 1225-1235.

Note the divergences shown by the orange lines, all working as expected, well, we will see about the current negative divergence, but look at the white lines.  Price was weaker during H1 2010  and the indicators were weaker as well, no postive divergence occurred.  This stick-save area represents late August 2010 when the Fed announced QE2.  There seems to be unfinished business at the 1000 to 1050 area. This information is for educational and entertainment purposes only--do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.