Thursday, May 03, 2007

SP500 analysis

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Neural Market Trends is giving away $100 to a reader who can make the closest prediction of the S&P500’s closing price for Friday May 4th, 2007.

With no overhead resistance, and the SP500 today closing near its highs, I think new ATH's are a given for tomorrow (Friday). The question of course is how high will the SP500 be above today's closing prices. Unfortunately, a lot of this will hinge on the Jobs Report set to come out tomorrow before market open. Add to that the tendency of traders to close out their positions at the end of the week, and the picture becomes more clouded.

Given all that, and how I have an affinity for round numbers, I will go with 1505 as the closing price for the $SPX tomorrow.

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