Tuesday, March 10, 2009

Level To Watch In The S&P



It's about noon time right now and the stock market is enjoying a 4% rally caused by Citigroup saying it had operated at a profit during the first two months of the year.

The important area on the S&P chart that I am going to watch very closely is the 741 level which was the low back in November. If the market can close above this level for several days, that would be a positive for the stock market over the short-term. I personally think the S&P will be met with selling once we reach that level. As always, we'll see what happens!

2 comments:

market folly said...

yup completely agree, should be a good short entry. but, obviously stay nimble and play it long if we can close & stay above there

David Allen Parizek Jr. said...

Gotta be good for at least a day trade short. On the other hand everyone is watching it and thinking short, so that means it will blow thru it and take off.

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