At our recent Patterns for Profits Live Newsletter we pointed out some potential large resistance areas in the SP 500. We had been watching 1007 area which had been the November, 2008 highs, we saw a small reaction down so far from that area. The next level up is the 1014 - 1018 area. This area is now starting to see sell patterns form on the smaller time frames. This area is a .382 retracement from the 2007 highs. Interstingly it is also the 1.27 extension area from the large Daily Butterfly Buy pattern that completed in early March of this year. I will be giving a free webcast on August 18 on the Butterfly Reversal Pattern. Please sign up on the homepage under webinars/seminars to learn more about this pattern.

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