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inthemoneystock (< 20)

Markets Test Biggest Level Since 2009



June 23, 2011 – Comments (0)

This level is epic, this level is everything. If you take the low from March 2009, when the S&P 500 traded to 666 and the low of 2010, a line can be connected to the exact low of today. This trend line represents the biggest level for this market in years. Should it break, this market will have put in a multi year top and could eventually trade back to the 2009 lows. Should it stay above this level, the market can technically trade up to and higher than the 2011 highs. This level means everything to technical traders.  Note the the SPDR S&P 500 ETF (NYSE:SPY). This shows the trend line perfectly. The investors and traders alike should be very concerned with this line breaking. It could mean even more than a recession is coming.

Gareth Soloway

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