|
The S&P 500 continued to sell off on Friday holding the 50-day moving average and testing the 2090 level hitting the low of 2085 but closing back up in over our 2090 support level at 2092.83. Traders need to watch for the commitment of prices breaking much lower and an aggressive move toward the 2090 range, and it would also be important for the support low of 2072 to be broken for further declines. Do believe that we are seeing a very weak market and momentum starting to shift and as I stated prior unless we break in the 2120 range with significant momentum I still am bearish on the overall market. Traders need to watch for a potential changing trend around June 10 as we believe any rally that occurs here could be short-lived and sold.
|
