Saturday, June 2, 2012

S&P 500 Weekend Review 06/02/12


The S&P 500 hasn't quite completed a 50% correction of its last up leg on the weekly chart. However, with Friday's close below the 200-day moving average, we may see the index go to 1249 and complete the technical correction.

On the ES futures daily chart, we see that the market is still in a down trend with its 20-day moving average attracting sellers.