4.09.2008

Technically Speaking


The SPX is hovering at/near 1350 which happens to be at /near the 50 EMA and just about the 50% retracement from the recent low of 1313 on 3/31 and the high of 1386 on Monday.


In addition, the SMA 50 is nearby at 1341 (more support) which also happened to be the old resistance until the April fools break higher.


RSI (2) levels also in buyable ranges as follows:


SPX 10

DJIA 10

NAZ 7

NDX 10

RUT 4

MID 13


I dipped in to SSO at 69.25 and will use a stop under the 1340 area.

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