Thursday, June 10, 2010

SPX Daily Market Thought 11062010

Nice rally after FOMC last session. Close above first resistance area [1068,1072].
Put/call at highs all day (around 1), so a close SPX500 at highs of the session was a strong possibility.
The trend remains lower I will follow bearish view  until spx closer above 1115.
 I have two possible scenarios for next sessions.

Bearish scenario 1 still intact but with this close chances that we see a bottom 16/06/2010 are very small.
Scenario 2 expect false breakout 1105 possible [1113,1115] (Next minor top). Reversal there give us next moviment  new lows of the year  target 998. I`m looking the same pattern RSI.
Let see  reaction if stochastic test overbought conditions and RSI around 50 ( neutral area).
Click to zoom in. Good luck folks.


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