What a crazy day yesterday. Per my previous days post, the S&P 500 went down to the 50 day moving average(793-blue line) and big buyers stepped in there, and we rallied hard and fast into the close. This is a bullish sign to see big money buying on a pullback to a major moving average. Next major resistance area is 840-850. We have the 100 day moving average there(red line), the 61.8 fib and a major trend line(white line) that should stop this rally for a few days/week.Thursday, March 26, 2009
S&P tests support
What a crazy day yesterday. Per my previous days post, the S&P 500 went down to the 50 day moving average(793-blue line) and big buyers stepped in there, and we rallied hard and fast into the close. This is a bullish sign to see big money buying on a pullback to a major moving average. Next major resistance area is 840-850. We have the 100 day moving average there(red line), the 61.8 fib and a major trend line(white line) that should stop this rally for a few days/week.
