Thursday, September 30, 2010
Technical analysis of SPX 9-30-10
Today we closed 3.53 points down on the SPX. We finally pierced through the 1150 mark, but failed to close above it. Pre-market economic news released at 8:30 a.m. was decent and rallied the market. The rally proved to be short lived, lasting only about 15 minutes into the open. We hit a high of 1157.16 but only closed at 1141.20. Although we've been down the past two days, we've held the 1130 mark. What's next from here? More upside to 1160? Or, do we break down and hopefully catch a bounce from the 200 day moving average?
More economic news to be released. It's Friday tomorrow, so beware of a sell off. Keep that in mind.