Friday, May 13, 2011

[Chart] Bulls Cutting it Close

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There is a lot of tension here - the bulls still have the ball, but we're sitting at some key pivot areas for both the market and the dollar.

The S&P 500 keeps getting drawn to S&P 1340... and last week's lows have not been blown out, which bears need.



The dollar on the other hand seems to have broken out to the upside... ruh roh raggy.  This chart is one day delayed but we have a 0.7% gain to $75.75.  This would be a distinct close over the 50 day moving average.



All in all not a bad day, the S&P 500 is down 0.9% but as Americans our purchasing power just went up 0.7%, so only a 0.2% loss in real terms.

On a more serious note, if that green line in the S&P 500 chart above is broken with any purpose (which would coincide nicely with the 50 day moving average) bears finally could have some spring flowers.

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