Intraday Market Thoughts

Archived IMT (2009.06.01)

by Ashraf Laidi
Jun 1, 2009 17:49

S&P500 on its way of posting its 4th consecutive monthly gain, which would be the best winning monthly streak since 2006-07. Recall that during the 2000-2 bear market, the longest uninterrupted recovery in both the S&P500 and the Dow went on for 3 straight months. S&P500 faces 12-month trend line resistance at 965, followed by 1,1015, while Dows 200-day MA stands at 8,765. Key resistance follows at 9,160. EURGBP enters 3rd straight mo, testing 0.8615 support, a break of which could trigger prolonged losses towards 0.8450.


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