Tuesday, September 20, 2011

S&P 500 Attempts to Break Above 50 Day Moving Average (SPY)

The futures are up 5.40 to 1,203.20.
From Bespoke Investment Group:
Nasdaq Above 50-Day
The S&P 500 looks like it will make an attempt to break above resistance at its 50-day moving average this morning.  This strength is being led by tech.  The Nasdaq 100 closed up yesterday, while the larger Nasdaq Composite closed down just 36 basis points.  This morning, Nasdaq futures are leading both Dow and S&P 500 futures, and as shown in the second chart below, the Nasdaq Composite doesn't have to worry about breaking its 50-day, since it already did that on Friday and managed to hold it yesterday.