Wednesday, March 11, 2009

S and P 500 Trend...Two Days Up...Then...

It is not unusual for a severely down sloped market to see a sharp two day contra trend rally. We are seeing that in the S and P 500 right now.

Savvy short term traders should look to sell any rally into the 740-750 range on Wednesday night or Thursday.

The inside day after the bottom, followed by a hook up does warrant some caution. It is possible that we could see an extension of the rally after a short pop down. The more significant resistance in this down trend is up near 800.

The down trend remains intact.

No comments:

Post a Comment