The S&P500 (as shown here via the SPY) has been trading essentially sideways for the most of May, even forming a flag pattern. From a technical perspective, it is the 200 day moving average that is presenting a major barrier to upside progress. A close above 95 would be bullish and a good entry point.
Thursday, May 28, 2009
SPY chart - 200 day Moving Average - Resistance
Posted By Trading Village at 6:53 AM
Labels: Trading Patterns