The $SPX (S&P 500 Large Cap Index) has met a resistance level at the 50 period EMA around the 800 level. On top of that, the slow schotastics are overbought and the direction of the schotastics has changed and is now sloping downward. This could be the end of the recent rally that we have seen in the past few days. We should look for a possible level of support at the 20 day EMA.

One of the Wall Street Journal’s most recent articles of today was titled “Stocks Mixed In Bumpy Trading”. In summary, they imply a generally bullish outlook on the market, but clearly show that nobody really knows the what the market is going to do.

Sources:
Stocks Mixed In Bumpy Trading
Peter McKay
WSJ.com March 20, 2009

If you enjoyed this post, make sure you subscribe to our RSS feed to get your Daily Dose!