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The action has been very whippy this week but the bottom line is that SPX broke back over strong resistance at the 5 DMA, 50 DMA, 50 HMA and the daily middle band, and has very thoroughly and successfully retested those broken resistance levels as support. While that remains the case the obvious targets above are my triangle resistance, still in the 2112 area, and the daily upper band, currently at 2109.54. SPX 60min chart:
The folks over at ZeroHedge have been doing a lot of breathless commentary lately (which is their specialty) about the surge in equity prices in China and Hong Kong.
