Friday, June 19, 2009

Technical Note

First technical resistance for the SPX is a decisive move above yesterday's high crossing point and the correlating 20-day exponential moving average @ 921/922.
Stronger resistance at the downward 8-day moving average @ 931.
First technical support for price is a pullback to the 200-day moving average/Jun. low @ 904 through the 900 level. The 50 day SMA in the 895 zone represents the next key levels of support for the index.

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