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.
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.
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.
