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Angelo Grigoropoulos - Swiss Hellenic Group
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A view from the European perspective.
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  • SP500 Technicals 0 comments
    May 16, 2009 4:43 AM | about stocks: SPY

    The June S&P 500 index closed lower on Friday as it extended this week's decline.

    The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term.

    Closes below the 20-day moving average crossing at 879.21 are needed to confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 902.77 would temper the near-term bearish outlook in the market. If June renews the rally off March's low, January's high crossing at 937.00 is the next upside target.

    First resistance is the 10-day moving average crossing at 902.77. Second resistance is last Thursday's high crossing at 929.00. First support is the 20-day moving average crossing at 879.21. Second support is the reaction low crossing at 838.80.

    Stocks: SPY
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