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S&P 500 retraces

By Colin Twiggs
September 11th, 2012 3:00 a.m. ET (5:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.


The S&P 500 is retracing to test its new support level after breaking resistance at 1420. Respect would signal an advance to 1570*, while failure of support at 1400 would indicate a bull trap. Bearish divergence on 21-day Twiggs Money Flow continues to flag medium-term selling pressure. Breach of the lower trend channel — and support at 1400 — would warn of another test of primary support at 1300.

S&P 500

* Target calculation: 1420 + ( 1420 - 1270 ) = 1570



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The other half is physical.

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