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.


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