Monday, June 8, 2009

06/08/09 Market Recap

The stock market reversed steep losses in the final hour of trading to end little changed today.Declining issues outnumbered advancers by a 3-to-2 ratio on the NYSE, where volume was even lighter than it was on Friday.

Not much has changed and I remain bullish until the market proves me otherwise, the S&P rejected an attempt to fall back into last months range and also failed to make a lower low. We are still above key support levels, and right now it seems we are basing in the 950-925 range for another move up. For me to turn bearish I first have to see a close in last months range, along with a break of the current channel we are in and formation of lower lows and lower highs.

Nasdaq also failed to make a lower low and close above 1485 38.2% fibonacci level, I remain bullish until we see a close back into last months range, below 1435.

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