S&P March Contract
S&P failed the Double Top formation and carried on higher...we have seen 1346 posted and we do have resistance at 1348, but as yet the technical indicators have not turned negative...so until they do we shall have to go with the trend.
A break of 1348 sees further strength emerge with 1352/53 the short term objective. Now if we bust 1353 we are looking at the market coming higher for 1358/59 over the next few sessions.
If we cannot go much further and stall and retreat back below 1342 we would assume this was a false break higher and we would be looking for a correction lower with 1333 to 1329 then the likely target. We advise covering shorts to here.
We would only then sell a break below 1329 for 1321 to 1318.
