Tuesday, March 17, 2009

03.17.09 - Caught by the Five-Day

After an early dip down to S1 (SPY $75.40), the S&P spent most of the morning tracing just above the (intraday) Five-Day Moving Average. Price is now testing/breaking the Daily Pivot, though I expect fairly heavy resistance much higher towards/above yesterday's opening gap price of about SPY $77. That said, internals have turned positive across the board, if not mildly so, and perhaps momentum will carry the day. Almost forgot --

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