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New S&P Technicals
Posted On Tuesday, July 13, 2010 at at 4:29 PM by Finance Fanatic
Markets have had quite the rebound this week, being up over 4% just this week. Technicals and new key resistance points are moving with the market and we are beginning to see some interesting charts.
Intel helped markets rise by a very favorable earnings report, which I believe will set the mood for much of tech. Many analysts were pessimistic about Intel's performance, but they proved many wrong. So what will this entail for Apple when they report. Let's just say I think they are going to have a very good month.
Yum brand's stock fell today due to weak guidance and disappointing earnings for the fast food giant. They do say that they are beginning to see recovery in the US and that they see great revenue growth potential internationally in some of their new emerging markets, like China. However, the public was sold as their stock closed down.
Key S&P technicals are being formed as you can see from the rooftop chart above. New crucial technical points are a break at 1103. Even strong would be a break at 1129, which would most likely quickly put bears back into hibernation. We will see if investors are able to crack these new thresholds. If so, watch out. Happy Trading. (Chart from slopeofhope.com)
Oh yes the standard and poors five hundred.
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