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Tuesday, March 17, 2009

S&P 500: Rejected

The S&P 500 (SPX) was rejected around 770 intraday, giving back a gain of about 2%. After rallying 15% from a low of 666, SPX has now worked off the oversold condition and moved nicely into overbought territory. The rejection was made with decent volume.

Expect a test of the lows...

8 comments:

Anonymous said...

The "week 10 effect" - there is no need to engineer a bounce for the cronies to sell into before April.

Greenlander said...

thoughts on today's move?
Still think we retest lows this month/ early April?

Im a little baffled. We keep getting reversal signals but they dont confirm.

Ben Bittrolff said...

@ Greenlander,

The close above 771 today might change everything. A run to 800 could be in the cards...

... or it could all be part of the tripling witching game...

ARAK said...

There is not much for the Fed to say other than they are not buying credit paper aggressively for the time being as the economy is showing signs of a credit thaw. This will add fuel for a test of 796 to 805. 2:15PM tomorrow is the key.

Greenlander said...

And I wish I didnt know about the CPC ratio, would stop me from taking stabs going short. Thats the only thing that says we retest lows but it sticks out.

Dave said...

5,3,3 slow stochastics look like they are about ready to turn.

RSI 2 overbought

Goin' short tomorrow morning. Saving a little powder to short more if we somehow manage to get up to SP 800.

No good news on the horizon. For years.

Dave said...

Forgot to mention...

5,3,3 stoch cross on ALL indexes, DOW, SP, COMP, MID... And almost on the R2K.

Dave said...

...Oh yeah...

The W2K, too!

...This will teach me to comment past my bedtime... O_o