Saturday, June 7, 2008

Stock Market Snapshot as of Jun 08, 2008

Of the 3 markets that I trade, the S&P 500 is the first one to get a new trendline as it makes a lower low. The 200-ema has been acting somewhat as resistance. This chart looks very bearish to me.

The Nasdaq 100 just broke its trendline. But this chart is still fairly bullish, with the 50-ema just above the 200-ema.

The trendline is still intact for the Russell 2000. But for how long?

We could be at the start of a new correction in the markets after the decent rally that we have experienced since mid-March. As always, time will tell.

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