The S&P 500 Has Pulled Ahead! July 15, 2009 update
The S&P 500 has made impressive progress in its demolition derby with the 50- and 200-day moving averages and the 2009 opening price level. The index has put on a three-day rally a week into earnings season. The index has now moved above of the 200-day MA, the 50-day MA and is 3.3% above the 2009 opening price. Check out today's photo-finish close up.
Will the 200-day MA continue to provide support? So far, a bar chart of the S&P 500 is a text book example of major moving-average support.
*The volume is what has me concerned. Volume for the run-up in April and May was alot higher than now. So my call would be to SHORT into this rally sometime next week after earnings has died down. JPM likely to get a little more out of this run-up maybe even to 950, but I don't expect it to stay there. the calls fro the recession over are alot of CRAP! I am both Long commodities and Short everything else, especially financials. -Tradebum
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