Tuesday, May 5, 2009

05/05/2009 Market review


As I demanded, the bulls showed the strength and S&P had a close at 907, much more than I expected(890s).

The 870-875 resistance is broken strongly, and the market is heading to first resistance at 940-945 , then 970 and 1000-1008. Check out the weekly chart for the levels.

I think one of these resistances will mark the end of this rally for now, and then we will have a retracement at least back to 870s(will be a strong level for long term uptrend), if it fails, testing 850s and finally holding 800s.

For the short term, the trend is strongly up as long as market hold above 870-875.

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