Thursday, September 24, 2009

SPX Daily Market Comment - 9.24.09

If the SPX is indeed in a bullish trend, the bulls should be looking for/fighting at 1030 levels. Though it seems that momentum will be able to to push prices in to the 1020's. This would be at around a 5% correction. Perhaps these would be levels for appropriate for re-entry if people believe that the SPX has legs up to 1100.

Much of the future price movements are going to heavily depend on expectations and earnings. This weak dollar/long commodity play maybe a bit overdone at these levels. For the bigger bears key support levels will be found at around 1000+ and 950+ if 1000+ is broken.

I will be assessing charts at each of the 3 main key levels for bulls and bears to form a better thesis.


PS: congrats on your 1070 call Pat.

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