Tuesday, January 20, 2009

Can The Market Hold Support?

Not much to hang ones hat on in this market at the moment-technical or fundamental. The hope is the S&p 500 Index bounces off its current support as detailed in the below chart. If the market is unable to hold its support at its current level, the next support level would take the market down to the 752 low recorded on November 20th. Maybe we will get a post inaugural bounce on Wednesday.

(click to enlarge)

S&P 500 Index technical analysis 1 20 2009

1 comment :

Canadian Small Cap said...

The bounce yesterday makes me hopeful that we will see a rally from here.