Sunday, May 17, 2009

S&P500 Market Commetary - May 17, 2009

Quick thoughts:

Last week horrible time to go bullish. With this 5% drop, as I stated before, this market would need a correction before seeing a possible break in 934 resistance (if even possible at all at this point). Read my last week's post.

I will remain bullish (as in buy on this dip), since resistance is still holding at 870-877. To be honest I'm not looking at the feasibility of resistance holding this week. Sorry, no time...

However, considering my brief analysis, I would assume its a bad idea to be bullish this week.


Thus, I must stick to the discipline and I will cut my losses short and consider going bearish if this week ends below 877 (870? I wonder which support is more significant or more realistic, for a bull, probably real support lies at 870 with retest bouncing off 877 or higher).

As I was saying before all these bearish indications form would seem to be bad but, Ill stick it out and be short term bullish. Until support is broken or If I happen to get a chance to look at some charts that would change my mind...

Until then...

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