Monday, July 6, 2009

S&P500 short term resistances

We got the bounce off the 200SMA as expected. Next possible resistances would be 908,910and 919 we should get a short live kick then market should go down with head.

S&P500 in short term: neutral to partial overbought
S&P500 in intermediate term: extremely overbought
S&P500 in long term: oversold to partial neutral

If S&P500 could hold above 919 for 2 days or more it would be very positive for bulls, but I doubt it has enough steam to hold above 919.