Monday, June 1, 2009

S&P500 Possible Moves In June (Technical Analysis)

In the past 6 trading days S&P500 clearly broke its up trend channel,but on Friday ( May 29th) institutions manufactured a rally in the last 10 minutes of closing and pushed the S&P500 back to uptrend,but it did not violate the down trend channel. If S&P500 could close above 930, it has chance to test the 200 EMA. If S&P500 could stay above 200 EMA for 3 days or more it would change the picture, and I have to change my forecast completely.
Note that there is no fundamentals to support this rally . I strongly believe this is a bear market rally,not a bull market rally.