800 On The S&P Is Substantial Resistance

March 23, 2009 at 8:21 am  ·  Category: Market Commentary, Technical Analysis

800 on the S&P 500 is substantial resistance in my opinion.  For one thing, it’s the 50 day moving average.  Second, it was acting as support earlier this year.  Further, it shorted out Wednesday’s Fed rally and appears to be acting as resistance today.  It doesn’t feel to me like the market has the gas to power through it in the short term.  We shall see……

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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