23 June 2009 – Watching S&P 500 @ 879.0

ASX Commentary

23 June 2009 – Watching S&P 500 @ 879.0

Wed, Jun 24, 2009

An expected pause day after yesterdays steep drop but the outlook remains the same. The important level, the ‘hold or fold’ level is 879.0 basis the S&P 500. A stiff break down and through will place the market into a deeper retracement trajectory and short positions should be the order of the day. A push through that level will also turn the daily trend to DOWN for the first time since early March but as it is momentum is already down so I favour short positions over longs albeit cautiously. I also note a number of other analysts are now calling for deeper declines so watch for a false break of that 879.0 level.

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Nick Radge - who has written 899 posts on The Chartist.

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