Wednesday, April 15, 2009

SPY pullback is due

SPY 04-15 is due for a pullback.  Low volumes associated with recent pop and now we are up against significant resistance.

Earnigs season will end and stress tests may resolve some questions, but technicals point to a breather.  50d MA is 79.15 and SPY is 6% above which is near an historic high especially for a primary bear market.

Pullback target is 81.50 unless SPY can rise above resistance with significant volume.

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