Friday, June 26, 2009

Weekend Recap 06/22-26/09

S&P is stuck in a range bound market, and until we get a break/close outside of our current range (930-880) I won't lean fully bullish or bearish. Right now I am moderately bullish as we have clearly broken the down trend we had been in as we bounced off the 200 dma

S&P is stuck in a range bound market, and until we get a break/close outside of our current range (930-880) I won't lean fully bullish or bearish. The surge higher on thursday also came on heavy volume, and we are also starting to see some higher highs and higher lows emerge. One thing to look for is whether we reject the 930 level or not, if we break above it will confirm my bullish position, but if we start to move back down we will see a head and shoulders formation.

The Nasdaq looks bullish as we broke out of the wedge that we were trading in, but we are coming up to potential levels of resistance in the 38.2% fib retracement at 1485 as well as a trendline in the 1500 region. But for now we are seeing some higher highs and higher lows, if we do make it up to the trendline I will be looking to go short as it would also be forming a double top.


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