Monday, March 9, 2009

S anp P support 652 and dropping March 9

We are using the S and P 500 March futures contract this morning.

Support continues to decline and is now around the 652 area. Price drops more than one percent below this level should find good support today.

There is good news as the momentum behind the downside thrust is slowing. However, the market is still subject to a potential downside market capitulation at any time. A hard downside thrust, or continued slow deterioration is likely to trigger mutual fund redemption's.

Many forecasters are calling for a low around the S and P 500, 600 level. This almost seems like a self fulfilling prophesy coming to fruition. Maybe, maybe not.
clipped from
Chart for S&P 500 INDEX March 2009
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