The weekly chart is clearly still in the downtrend hustling around the 50 week MA after stopping at the strong support around 1050. The recovery attempts were although oversold not really impressive as we even did not make it above 1100. We are due for a test of the 1000 soon but early next week it might get tricky again as we will have a constellation which is good for a 10% upside trigger again but we should first make new lows to at least 1040 this time. Volatility is poised to go up to wards 40 again.
Tuesday, June 1, 2010
SPX weekly update
The weekly chart is clearly still in the downtrend hustling around the 50 week MA after stopping at the strong support around 1050. The recovery attempts were although oversold not really impressive as we even did not make it above 1100. We are due for a test of the 1000 soon but early next week it might get tricky again as we will have a constellation which is good for a 10% upside trigger again but we should first make new lows to at least 1040 this time. Volatility is poised to go up to wards 40 again.
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