As the result of today’s Euro session, S&P500 stopped around the area of the previous distribution 1322-1330, came out of the sloping channel and finished the wave 1241 - 13535,75 of Weekly.
According to the Department of studying Masterforex-V trading system , by now there are 2 waves: А (1335,75 -1297) and А(С)/С down. In order to reverse the trend in the downward direction the price needs to break below the local support for the 2nd time, which will initiate a bearish wave - C(C ). If the price consolidates above the pivot 1318.5 the upward wave of Weekly will be continued.
April 19th2011
Resistance levels
1312,75 = 50% А/В
1318 = MF pivot 2+ 38,2% А/В
Support levels
1278/77 = 123% А + 38,2% А/В
1263/61 = 161% А + 23% А/В + local volume cluster
This week’s important news releases that can influence the trend dynamics (GMT):
April 19th, 12:30GMT – Building Permits (US)
April 20th, 14:00GMT – Existing Home Sales (US)
April 21st, 14:00GMT – Philly Fed Manufacturing Index (US)
