S&P 500 early rally
By Colin Twiggs
March 26th, 2012 10:30 p.m. ET (1:30 p.m. AET)
The S&P 500 surprised with an early rally, before the end of the quarter. Breach of resistance at 1415 on the hourly chart signals a new primary advance. Short retracement indicates a healthy up-trend — as does a trough above the zero line on 24-hour (4 day) Twiggs Momentum.
Bearish divergence on 21-day Twiggs Money Flow indicates medium-term selling pressure, but recovery above 30% would negate this. Immediate target for the advance is 1450, while the long-term target is 1600*.
* Target calculation: 1300 + (1300 - 1150) = 1450; 1350 + (1350 - 1100) = 1600
Our lives are defined by opportunities, even the ones we miss.
~ F. Scott Fitzgerald: The Curious Case of Benjamin Button