By InTheMoneyStocks.com on May 2nd, 2010 3:01pm Eastern Time
The S&P 500 Index, reflected in the SPDR S&P 500 ETF (NYSE:SPY) declined sharply last week losing $30.59 points by the close on Friday. It was a very volatile week of trading as three of the five trading sessions resulted in over 20 point swings for the index. The weekly charts have a sharp reversal candle in place. Normally, this type of short term pattern would lead to more downside, however, this market has rallied after every dip and a one week pullback does not make a new trend. It now appears to be a traders market as many leading stocks in the S&P 500 are broken technically, and others are still in a bully rally. The weekly support levels for the S&P 500 Index are $1175, and $1150. The weekly resistance levels for the broad based index are $1225 and $1250.
Comments