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Wednesday, June 2, 2010

S&P 500 6/1/2010

The market remained weak most of the day, unable to regain the 1100 level, selling off late in the session closing at 1070.
1085 was the level to maintain the short term uptrend and was broken today, so the odds again benefit the bears.
Also notice that the 50 day moving average is beginning to turn down and that could mean a possible death cross in the days ahead.
Resistance is at the 200 day moving average which coincidentally meets the upper downtrend line around 1106

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