Monday, March 23, 2009

S&P 500 Breaks Above 50-DMA

The S&P 500 was recently at 804.53 which is a 20.5% move from it's March 6 intraday low of 666.79. I'll be back later this week with an update to our bullish call of March 10, reiterated on March 13 in "Markets: Where Do We Go From Here?", especially the three to six week timeframe we gave for the extent of the rally.
Following up on Thursday's "S&P 500 Stops Dead in its Tracks At 50-DMA (Prior: "NASDAQ Breaks Out Above Short-Term Resistance")" is another from Bespoke Investment Group:

...The S&P's 50-day is currently at 795, so watch for where the index closes in relation to this level today.