Wednesday, June 16, 2010

SPX Up Against Primary Downtrend Line

SGS is Short.

SPX hit the primary downtrend line today (thick blue line).  This trend line should turn SPX back and forcing it heading south again.  A solid close above this line (i.e. SPX closing at 1120 or higher) would very likely push SPX higher to its 50 D-SMA, around 1140 (green curve).

If this Market is heading substantially lower, it should start that way tomorrow.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice.  Furthermore, the opinions expressed may change without notice.

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