In recent updates I have called for the S&P500 index to remain well bid, warning we could see it reach its first target of 937 in this short term up trend. That level is very close, and not far from another resistance at 943. I continue to remain positive in the very near term for the market. Early support comes around 917 and certaily 895 should hold any surprise first move lower. Thus you will have a reasonably good chance to figure out if the up trend is weakening – your early clues being a rather quick correction to these supports. If such a downmove happens, we will likely see a recovery back to near the highs posted, at which time we will decide whether it makes sense to turn short. Stay tuned.
Related S&P500 links:
Was that the stock market bottom?
S&P500 and Citi
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Harmony in markets: S&P500
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Ending Diagonal Triangle in S&P500?
S&P500 Elliott Wave update
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S&P 500 update: where is the top?
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S&P500 Update: May 19, 2009
S&P500 Elliott Wave update:21 May 2009
S&P 500 breaks higher: update 2 June 2009