Thursday, July 16, 2009

Significant Of 943 Resistance In S&P500

I'm not sure if this is just a huge shortsqueeze or a real rally, tomorrow is option expiration therefor market moves would be manipulated. At this levels I have no clear vision where are we heading.
I'm in side line,I went short when S&P500 failed to hold to 940 and I covered my short at 890. I step out to get a better view on market. I'm hoping by Monday or Tuesday I get clear view.
I'd like to get your attention to CIT group situation. CIT could be a market mover too.
943 is the level to watch. If we close above it by Friday and on Monday S&P500 stays above it to me it is the signal for S&P500 rally.
As I said many times before, fundamentals do not support this rally I'm not going to repeat myself and go over every single of them ,but you can check out "Popular Articles",but it seams fundamentals do not matters these days. If S&P500 takes out 956 technically is very positive.