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S&P500 Found A Support And Now Looking Back To New High

Sameer Kapoor 10 April 2013

S&P500 fell sharply lower on Friday, but only into third leg down from 1573 top. Decline from the top is labeled as an a)-b)-c) which is a corrective pull-back called a zig-zag.

This is a bullish pattern which means that uptrend could resume while 1540 isn't breached, especially if we consider that recovery from latest swing low is already showing impulsive qualities.

We want to stay with a larger trend, which is clear up on stocks, so push back to the highs should not be a surprise.