The S&P 500 closed lower on 14April09. The session prior to this closed near the open, indicating that momentum was neutral. By right, the lower close on 14April09 after a neutral day should indicate to us that short term momentum is turning down. The S&P 500 might retrace slightly. We would like to see a close below 832 to confirm that a retracement is in play. Closest support is at 814 then 804.
However, upside momentum for the S&P 500 and equities in general has been strong for this up move and our bias continues to lean towards the long side in favour of the trend. A close above 859 would indicate that the uptrend is continuing.
Sponsored Links
No comments:
Post a Comment