In my 18th may, 2012 forecast I was expecting that S&P/ TSX Composite Index may test 11500 but it went more in the upside. It was due considering the oversold position.
But now it is getting resistance at around 11600–11650 level (38.2% Fibonacci retracement level is at 11679, considering its May top). Technical indicators are not saying any specific trend for S&P/ TSX Composite Index but this 11600 level is a big obstacle for it. On the other hand if it drops from here then the important level is 11250, if it breaks that then it can drop more. 11000 is stronger support level for it.
If S&P/ TSX Composite Index maintained 11250 level in early to middle of the coming week then there is a chance that it may test higher level in later days. Therefore 11500 level can act as initial resistance level and the stronger one is at 11600.
NOTE: Please see the disclaimer of this blog.