S&P Chart Analysis May 17, 2009
Posted by wallstreetbuddha in Uncategorized.Tags: S&P
1 comment so far
It looks like the rally is dying out. Chances are the market will go flat. As they say, “Sell in May”. In this case, I assume, because of the over sold condition of the market, things may just trade in a range for the next couple of months. I don’t think that the market will breakthrough the 200 day moving average. I wouldn’t go short just yet. We had a very strong rally in the past few weeks and there is some quality buying out there.No new breakouts in sight, and holding a small position in ICE. I have a good feeling about this one.
