In my last post, I mentioned SPX 1286.62, June 2001 high resistance. We wasted no time closing above it, quite a feat considering the May carnage. In fact, it is also above the 20 dma and as you can see, the 10 day ema is closing in on a potential bullish cross. Energy stocks had a lot to do with it, so bulls must take this with a grain of salt. Nevertheless, it is short term bullish and sets up at test of 50 dma at 1295.
This entry was posted
on Sunday, June 04, 2006 at 9:20 AM.
