Thursday, June 2, 2011

A Rally For SPX To Back Test Primary Supports Is Very Likely

SPX tested the lower channel line of its price channel today.  At this point a rally for SPX to back test its primary supports (i.e. primary up trend line, 50D SMA and 13D EMA) around 1330 is very likely.

Market is still looking good and I believe we're at or very near the end of this round of bull market correction.

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.