- The Big Picture - http://www.ritholtz.com/blog -
Posted By Barry Ritholtz On May 13, 2011 @ 12:30 pm In Markets,Technical Analysis | Comments Disabled
click for larger chart
Source: FusionIQ 
Kevin Lane, CIO of Fusion analytics, observes:
“As seen in the chart above the S&P 500 tested support and bounced from the 1,330 area (lower green line) for the second time in the last six days.
Yesterday’s low also coincides with a rising uptrend line (orange line). That said we believe this is now the critical line that separates a continued extension of the current rally and the start of a spring correction. If this level is violated the trade will turn down for a while and it would be a time to keep the defense on the field for a while and the offense got a breather. For the trade to turn a bit more bullish the S&P would have to get back above the minor downtrend (purple line) near 1,350.”
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2011/05/sp500-update-2/
URLs in this post:
 Image: http://www.ritholtz.com/blog/wp-content/uploads/2011/05/SPX-5.13.11.png
 FusionIQ : http://www.fusioniqrank.com
Copyright © 2008 The Big Picture. All rights reserved.