Wednesday, April 21, 2010

04.21.10 - Five-Day Moving Average Recovery

Once again, the S&P has managed to come back strong off it's five day moving average (magenta dashed line).  It probably helped that S1 (cyan line) was right there near SPY $120.45.  Internals are still net negative, but coming back strong in terms of slope and we now have a bullish VIX cross at the midday.  Overall, I'm still looking for a range trade though.

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