The 200-day moving average of the S&P 500 Index is holding as support. Interestingly, today's range is almost identical to Friday's range.
Charles
Monday, June 27, 2011
Thursday, June 23, 2011
S&P 500 Index Stays Above Its 200-Day Moving Average
So far, the S&P 500 Index is staying above its 200-day moving average. Near 1500 ET, the market quickly advanced on a news release by Reuters that stated that Greece agreed to a five-year austerity plan.
Charles
Friday, June 17, 2011
Afternoon Divergence 06/16/11
As the S&P 500 traded below the previous day's low, IBM, Exxon and the Dow Industrials refused to follow. With this nonconfirmation of a new low, it's a good place to cover any short positions.
Charles
Thursday, June 16, 2011
Still In Bear Mode Afterall 06/15/11
In the morning session, the 0930 ET open provided support, but the market could not trade past the pivot line. After the European market closes, the US stock market lost all support as it broke past the morning lows. The 1264 - 1265 area is now resistance.
Charles
Tuesday, June 14, 2011
Technical Bounce 06/14/11
The overnight market has been able to trade past short term resistance on the 60 minute chart. Let's see if yesterday's resistance ledge can provide support.
Charles
Wednesday, June 8, 2011
Will We See Support At March 16 Low?
In Tuesday's trading, it looked like we might get a technical bounce to the upside, but the market again sold off at the end of the day. We may not see any support activity until the market tests the March 16 low, which just happens to currently be at the 200-day moving average of the S&P 500.
Charles
Saturday, June 4, 2011
New S&P 500 Index Resistance 06/04/11
The S&P 500 cash index is meeting resistance at its 100-day moving average. Friday morning we saw a bullish bounce that gave us a three-wave move to the upside. However, the bullish momentum waned as it touched the 78-bar pivot line. In the last half of the day, the bears took control of the market and we finished where we started.
Charles
Thursday, June 2, 2011
Wednesday, June 1, 2011
Bear Romp 06/01/11
The large trading firms obviously have reversed their opinion of the market's prospect for the next several months. All support levels failed today as the market traded in its largest range since March.
Charles
ES Analysis - Last Day Of May 2011
On Friday, the S&P 500 Index closed above its 50-day moving average giving the bulls a reason to continue buying stocks. On Tuesday, short term profit takers sold as the futures market tested its overnight high. Buyers waited until the market tested the Friday high and then continued their buying spree.
Charles
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