Wednesday, June 17, 2009

06.17.09 - Bounce off the 200-DMA

Bit of an early post today with business to attend to later. The S&P put in a little follow through dip early in the morning session down past S1 to approximately SPX 900, then proceeded to bounce on cue off that round number coinciding with the 200-day moving average. The index appears to have put in a little inverse head and shoulders pattern in the morning trade as well, and the VIX is confirming the move along with strengthening Advance - Decline and Tick patterns. We'll see if it can hold. Have a terrific trading day.

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