S&P 500 Index Weekly Bull Rally Technical Analysis Support & Resistance

Date: 10/12/2011

S&P 500 Index Weekly Bull Rally Technical Analysis Support & Resistance Video. The rally was sparked by extremely oversold conditions on a weekly level. The bull came in and we're in day 7 of the rally. There are still some areas of overhead resistance and we're at a key of resistance now but there doesn't seem to be many sellers at these levels.

The buyers stepped in when the lower weekly MACD reading came into play. Stocks rise on hopes for European bank plan as the bull came back into the market on the "Operation Twist" hopes of future economic stimulus.

Resistance levels 1250,97 1217.41 Support Levels 1150.3, 1123.19, 1078.02. This is the 1st week of the S&P 500 trading above it's 10 week moving average and this is time the of year stocks tend to perform well. We will need to see the bull keep these keep levels and you'll be looking for 4 consecutive weeks closing above the 10 week moving average for a bullish trend to be established.

We're going into earnings season which is off to a disappointing start thanks to Aloca. We'll be covering the highest movers after hours. StockMarketFunding has accurately called the tops & bottoms of the market for 2011.

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