The 'Battle of the 200 Day's' looked to potentially be resolved mid afternoon yesterday but a stick save late in the session pushed the S&P 500 back over the 200 day exponential moving average. There was essentially a bounce off the 50 day moving average ...
Over at the DJIA things are actually looking more bullish and one could create a case for a 'bullish flag'. You can see how the 200 day simple moving average has been support multiple times, and a perfect bottom yesterday.
The NASDAQ on the other hand has a similar situation to the S&P 500 - and perhaps a tad weaker.
This morning's modest gap up should provide some buffer for the S&P 500 and NASDAQ as we await the wisdom from our council of elders at the Fed.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows