Thursday, March 19, 2009

S&P 500 Stops Dead in its Tracks At 50-DMA (Prior: "NASDAQ Breaks Out Above Short-Term Resistance")

The S&P was recently at 787, down 0.9%; the Nasdaq at 1483, down 0.5%.
Two from Bespoke Investment Group:
Today 12:51 p.m.

As shown in the candlestick chart of the S&P 500 below, the index tested and then failed at its 50-day moving average resistance this morning. After a gain of nearly 20% off of its lows, the index is experiencing a bit of a pullback today. The 50-day is right at the 800 level for the S&P, and if the index can eventually break through it, it will then act as support instead of an upside barrier.


Mar. 17:
NASDAQ Breaks Out Above Short-Term Resistance

Market Indicators031809
Go to Bespoke for their commentary.