Search this Blog

Friday, June 4, 2010

SPX back in correction



The market didn't like the negative Employment numbers and lost 40 points closing at 1064.88 back in correction territory.
The 1100-1106 resistance area proof to much to break, as there are several levels of resistance together.
Coincidentally the 200 day moving average at 1103, the descending 2o day moving average at 1108 and the upper downtrend line at 1100 were a big wall for the market as it kept breaking support levels all day, first at 1085, then 1070.
From here support now is at 1040 and resistance in the 1100 - 1105 area.

No comments:

Post a Comment