Thursday, June 2, 2011

S&P 500 Falls to 100 Day Moving Average

Finally the lows of last week at 1311-1312ish have been broken, and the S&P 500 now sits right at its 100 day moving average.  This was the level that held in mid March, other than 1 session which if memory serves was in reaction to the Japan situation.

Generally these key supports don't break on the first test.  Again, I expect the news flow tomorrow morning to be the big driver - up or down.  Coin flip at this moment which way it goes, but short of such market moving news the trend is not good.

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