SP500 Levels Into The Close...

01/23/09 03:21PM EST
While the pundit patrol has been full of rumors today (“Obama” this, “bank bailout” that…), most of them, if not all of them get trumped by the math. Until we test my downside support level (see chart below) of 802.39, all rallies are to be sold.

There are two important lines of resistance, and the short covering out there took us all the way up to one of them (almost). The intraday high on the SP500 was 837, and I have a formidable line of immediate term “Trade” resistance at 842 (dotted red line). If we were to close above that line, there’s an even more relevant line of resistance developing at 877.11 (thick red line).

Have a great weekend,

Keith R. McCullough
CEO & Chief Investment Officer
© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.