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S&P 500 And STI To Continue Uptrend
Trend Spotting | 02 July 2009
By: Xavier Lim
Articles (51) Profile

The S&P 500 and its 25-day moving average (MA) still remain on top of the 200-day MA even after last week’s pullback. Coupled with the fact that the 60-day MA has also crossed beyond the 200-day MA, trading momentum remains favourable.

Although both the S&P 500 and the STI show that a head-and-shoulder formation is likely to emerge, based on my view, both indexes are likely to trade sideways to form a ‘V’ shape and push through the 950 level and 2,400 level respectively. The S&P 500 is likely to test the psychological resistance of 1,000.

3-year period daily chart for S&P 500
1.5-year period daily chart for STI
Armed with an arsenal of investment knowledge, Xavier is the Senior Research Editor at Shares Investment.

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