Archived IMT (2009.07.14)

How high is the right shoulder on the S&P500? Better than expected Q2 earnings from Goldman Sachs at failed to sustain equity futures at their highs as higher than expected PPI was accompanied by a rise in retail saes that was largely driven by sales of autos and gasoline. S&P500 did hold above the neckline of 877 (never closed below it) as well as held above the declining 200-day MA (878). Bulls attempt to make their case by eyeing the 55-day MA, currently at 908. June 11 trend line resistance stands at 916, while the right shoulder (resistance) is held at 928. Recall the recent failure of USDJPY at the 97 right shoulder.