Thursday, June 24, 2010

S&P500 Technical Analysis (06/24/2010)

S&P500 Technical Analysis chart:
Quick reminder on S&P500, note if S&P500 stays below 1100 it will take out the 1040. Bond market is sending mixed signals as a financial analyst I don't like what I see, it doesn't make any sense. There is something fishy, I think we are going to get a very violent move with in next couple days, who surprises many traders. It's too early to say if we are going to get the surprise move to the upside or a fast and furious move lower, but I will remain in the bears' camp. Tomorrow we are going to get the first quarter GDP data, analysts forecast is 3%, but they are going to get disappointed. I think the GDP would be 2.6% to 2.8%. It's impossible to forecast what is going to play out on Friday, but as long as S&P500 stays below 1100 bears will have the upper hand, and any rally would be a selling opportunity.