S&P note from this am

Not much new on the S&P 500 ...

As seen in the attached research note over the last few days we suggested and then watched the market stall (Monday), then get pushed back down off resistance (Tuesday) near 850. My astute trader suggested after the close we may still be in a bearish down sloping trend channel. While it is true the S&P 500 is currently locked in this down channel the jury is still out on whether or not it can break above the upper channel line before testing the lower. If we do indeed test the lower channel line it would undercut the current bear market low. Conversely a move beyond the April 2nd high would restore the bullish trajectory of the current rally.


posted by Peter Greene