Quick Intraday Chart

Sep 5, 2007: 11:47 AM CST

I wanted to highlight a key potential resistance level in the S&P 500, which has been tested both to the downside and recently to the upside.  This level appears to be holding again.

The level is 1490.

spx-sep5.jpg

Notice that there should be support from key moving averages below price currently… but there is significant resistance overhead.

Who will win this battle?

It might be wise to place buy or sell-short stops when the market breaks out of this range.  Time – and price – will tell!

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