Friday, June 19, 2009

S&P500 Mid-Month update (Technical chart)

S&P500 clearly has broken the main uptrend channel. As I forecasted two months ago*; it moved up to 200 EMA then start to rollover. In the Short term 200 SMA is level to watch. If S&p500 could stay above it, we could say S&P500 has chance to from a new uptrend channel ,but due to the scale of the recent rally it's very unlikely.