Monday, May 31, 2010

S&P500 Technical Analysis (05/31/2010)

S&P500 Technical Analysis chart:
You should ignore the last week moves, the real game will start tomorrow. Big players are back from 3 days vacation. Bulls must over come 1100, 1130 then 1150 in coming days.
If S&P500 gets above 1130 you can dip your toe in water and go long. Pay attention to possible break the 1040 support level. Violation of 1040 will be the deal breaker.
At this point I give 20% chance that S&P500 rallies to 1120 then rolls over. if S&P could get above 1120 there is 15% chance it shoots for 1150. On the other hand there is a 55% chance S&P500 violates the 1040 support level and heads lower. If S&P tanks to 1040, I give only 10% chance that we get a bounce back.

I just find it on YouTube, check it out, LOL