Bounce Up

13:06 America/Los_Angeles 27 May 2010 1 Comment

Today we had a bullish bounce back. Below is a chart to put things in perspective. There is resistance at the 200 day moving average around 110.50 on the SPY. The next resistance levels are at $114.50, $115.50, and $119. We will have to see if this results in a new bullish trend where we will rotate to long. The SPY ended the day just above the current downtrend line. The bounce had low relative volume.