Tuesday, November 23, 2010

SPX Is Set To Test Its 50 Day SMA

SGS is Neutral (as of close of 11/9) and RTS is in cash (as of open of 11/10).

Dow and OEX closed right on their 50 D-SMA today.  I think we have a good chance of seeing SPX test its 50 D-SMA also, either tomorrow or on Friday.  A solid and heavy close below 50 D-SMA means a very probable visit down to 200 D-SMA (lower 1130's).  That is the bear case.  For the bull case, SPX needs to do a solid and heavy  close above 1200 either tomorrow or on Friday. That's is not very likely.

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

No comments:

Post a Comment