Thursday, May 13, 2010

A Simple Glance

Looking at my preferred world of exponential moving averages we did close above the 50 day moving average on the S&P 500 yesterday. However, those in the simple class universe must also be taken care of and as the chart below shows 1173-1174ish is the key number when looking for the 50 day. To the downside 1150 (January 2010 highs) remains a good level of support.

[click to enlarge]

There are times one (exponential or simple) takes over versus the other and as you can see above, HAL9000 is respecting the simple moving average as that has been almost the exact intraday high each of the previous 2 sessions (to the penny!). So for now, simple matters more.


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