Quantcast

The Money Blogs is the source for Blogs about the latest financial and stock market news with rss feeds

This post received 881 Money Blog views

Trading > Amateur Investors

Double Bottom In S&p 500?

Bob Kleyla | Tue, 03/18/2008 - 5:22am | 50 Day EMA, Bear market, Bear Market Rally, Bottom, Double Bottom, market, Rally |  Add a comment

Rank this post

0

The market is due for an oversold Bear Market Rally and it appears with the S&P 500 taking out its January 23rd low on Monday this may have set up a Double Bottom pattern in the near term.  The question at this point is how far will the S&P 500 advance before running into resistance.  One level to watch for appears to be around 1354 which is along the S&P 500's declining 50 Day EMA (red line) and downward sloping trend line (white line).  If the S&P 500 were able to rise above the 1354 level then a rally back to where the previous oversold bounce stalled out at near 1395 (point A) or as high as its declining 200 Day EMA (yellow line) near 1423 would be possible. 

If interested in receiving our Free Weekly Newsletter by email you can signup at http://www.amateur-investor.net/Newsletter.htm

Bob
Amateur-Investor.Net< /p>

Comments

Please or register to post comments.