Thursday, February 12, 2009

S&P 500 Index Still Holding Support

The S&P 500 Index continues to hold support in a short term uptrend channel. The MACD also continues to be positive with the fast moving average line remaining above the slow moving average line. Although up volume on the last two positive trading days is unimpressive, today's volume was higher than yesterdays. The negative aspect of today's trading volume is much of it would seem to be short covering at the end of trading given the market moving mortgage news near the end of trading.

(click to enlarge)

s&p 500 Index chart February 12, 2009

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