Stock Market: Beware Today Dictates The Future
All the charts and calculations have shown today to be the day of all days. What does this mean? The market is at a major pivot point on this Tuesday, May 15th, 2012. If the market is able to hold up, investors would experience a one to two week neutral to higher move. If the markets break lower today, down side is likely until the SPDR S&P 500 ETF (NYSEARCA:SPY) hits $129.00. As of now, the markets are squeaking out a slight gain. The SPY is trading at $134.68 +0.55 (0.41%).
Today, technology is leading the upside charge with Amazon.com, Inc. (NASDAQ:AMZN) trading at $230.09, +7.16 (3.21%). Apple Inc. (NASDAQ:AAPL) is also trading nicely higher along with Google Inc (NASDAQ:GOOG). Financial stocks are also bouncing after a multi day slide.
The bottom line continues to be the close in the markets today. If the markets can hang on to the gains, look for further upside for about one week. If the gains are sold and the markets collapse into the end of the day, watch out below.