Wednesday, June 17, 2009

06/17/09 Market Recap

The stock market finished mixed today, after a cautious forecast from FedEx (FDX) and the downgrading of 18 banks by Standard & Poor's. Declining issues outnumbered advancers by about a 5-to-4 ratio on the NYSE, where volume was relatively light.

S&P is looking very bearish, we are seeing a series of lower highs and lower lows, we are in last months 930-880 range and have clearly broken the channel we were in for the last 2 months. With that being said we could get a bounce to the up side where we would meet resistance at the 925/930 area but the trend remains down. S&P also bounced off its 200 dma average, the bears will be looking for a close below this level, currently at 906.

Nasdaq is looking mildly bearish, as we attempted to make a higher high, but the trend remains down. Looking for a gap fill down to 1435 which would be the top of last months range. The bears need a close below that level.

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