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发表于 2010-5-24 12:07 PM
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Lack of follow-through on the break below 1160 on Friday sees the S&P attempting a
minor bullish reversal this morning. A break above 1089 would put that in place, but
upside potential for what is viewed as no more than a bear rally looks severely restricted.
The 200-day average, coinciding as it does with the psychologically difficult 1100 level, is
likely to try to cap; should a rally extend through, we suspect this will falter in the region of
price/accelerated downtrend resistance at 1111/16. The broader risk remains down, for a
look at 1041 in due course, below which would reinforce the emergence of a more
important topping process, suggesting an eventual decline into 1012/1000. Above 1116
would set a more positive tone, although strength would be expected to fade again in the
region of price/secondary downtrend levels at 1139/49. The VIX posted a bearish outside
day on Friday. Support is looked for in the 38.42/32.78 zone, from price and the strongly
rising 13-day moving average. 1
Short, lower the stop to above 1089. Reverse back to a long at 1025/15, stop below 1000.
Above 1089 sees 1093/1100, above which sees scope for 1111/16. Retry a short at
1099/1105, stop above 1116. |
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