SPX tech update

The SPX made a normal bounce after it made half of its downmove. The fact it stooped exactly on the 20 day MA helped as some market participants seem to give that a value. The other fact is that we have quite an open interest in SPX 900 options and we might see attempts to push it up there. NDX could not close the gap / lap it made 2 days earlier which confirms the downside direction but we need to days confirmation as well. The 870/5 support line which was equal with the 20 day MA has to be taken out to reach the 830 target thereby the 800 level will hold this corrections extreme potential to the downside for now as it marks the channels support.

Advertisements

~ by behindthematrix on May 15, 2009.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: