As discussed yesterday, there was good technical reason
to be grumpy about the start of the new year. The edgy
money moved quickly out of stocks today when the SP500
again failed to break out to and sustain a new high
above that 1427 resistance level. The release of the
FOMC Dec. minutes only helped grease the skids.
Today I have included a six month daily chart for the
SP500. Note how as the market rose, the 10 day MA was
the first line of support followed by the 25 day as the
primary support. The market tested the "25" today and
closed above it. Keep an eye on the action relative
to the "25" in the days ahead. Click it.
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