Market update 03/23/2009

biorjin · 发表于 2009-3-23 08:46 PM

本帖最后由 biorjin 于 2009-3-23 21:49 编辑

As I have been saying : " Don't short the rally from the fresh low!" Shorts got burned out again today. Another great rally we have after 2 days pull back! This morning the U.S. Treasury announced a plan to get rid of the toxic assets off the banks balance sheets and the market loved it. Even better, after the better-than-expected housing sale data, market ripped higher, major index are up more than 6 percent, making a fresh short-term high. The rally today was broad based and things are looking fine in Maybury once again. The key resistance level for the SPX right now appears to be the 829-830 level. While this is not a master number it is of critical importance. This should be a very good resistance level and in order for the market to continue this rally it will need to close above this level. Generally, after a large point move the market pulls back or consolidates before moving higher. However, it is possible to see the SPX 829-830 level tagged first and then a pullback might be underway. Meanwhile watch GS to touch SMA200 on daily chart which might signal a pull back here. The resistance levels for the SPX are 825, 838, 854, 867, 884, and 898. The support levels for the SPX are 810, 797, 782, 769, 754, 741, 726, 714, 700, 688, 673, and 662.