Tuesday, August 17, 2010

Market update 08/17/2010

S&P500 Technical Analysis chart:
Nice short squeeze! we should wait to see if 1096 would hold or not. If S&P500 tanks below 1096 you should close your long positions, and go to cash. If S&P500 would not stay above 1096 it would conform the bull trap. Note if we get a bounce from 1088 it would be very positive. As long as S&P stays below 1096 bears will have the upper hand.