The major indices moved sharply higher yesterday, as the S&P 500 (1115.23) – which had twice been repelled at the 200 day moving average – finally managed to close above it. We remain in an Oversold/Up condition, but moved to a near term overbought condition on yesterday’s close. It has been a great trading market, and buying weakness selling strength has certainly been the best strategy. The abil ...
Need To Hold 1040
David Goldring
Tuesday, June 08, 2010
The major indices booked another round of broad based losses yesterday as both the Nasdaq (2173.90) and S&P 500 (1050.47) posted fresh correction lows, below the “flash crash” low point, but above our February lows. The S&P 500 closed at a seven month low however, and all focus will now be on both the 1044.50 level - which is the Feb 5th intra-day low - and last week’s low of 1040.78. We are not r ...
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