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S&P Snapshot Shows Resistance Overhead

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January 21, 2011 – Comments (0) | RELATED TICKERS: SPY

We've seen narrow channels and we've seen wide channels, and we've seen channels within channels as we made our way up to 1300 on the S&P. With that being said, there could be another developing channel that is taking place, and that is on the intra-day charts. Now at this point, it is pure speculation, but I would not be surprised if we see some over head resistance as we start approaching the 1288-1290 level on the S&P as marked by the yellow line just above current price action on the chart. If so, that may be a good sign or opportunity for you to start taking some profits off the table on your long positions. 

Here's the Chart on the S&P

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