SPY Market Technicals- 090317
// March 18th, 2009 // Comments // stocks
SPY Trend
The markets are still in a downtrend long term, though we have seen a short term rally of sorts, though the fundamentals of those rally’s are a bit suspect. The markets are approaching short term resistance levels and are looking overbought. I suspect a pullback in the near term is immanent. That nearest support zone will be important if it does pull back into it. If it does rally out of the downtrend it would have to be pretty impressive. It is still a daytrader’s/swing trader’s market, holding for the long term is still a painful proposition and takes a fair amount of faith, how much of which is left in the financial system Im not exactly sure at this point…we are still in a clearly defined downtrend.
