Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

S&P 500 Technical Update


A sustained move above 1370 would neutralize the situation.

This past weekend led to additional volatility in the financial markets, as expected. On Friday, I wrote about last week's technical breakdown and poor closing print on the S&P 500 (SPY) (see S&P 500 Technical Update: What Happened?). This breakdown set the tone for Sunday night's futures session, as European election results were uninspiring and the talk around town.

In fact, the atmosphere became so bearish that the futures flushed down into the 1340s. This "flush" eventually led to a strong rally in the futures that has carried over to the cash index today.

Near term, it appears that the bears got a bit too eager, too soon. But the markets are still volatile and the bears are still clinging to control. A sustained move above 1370 would neutralize the situation. Watch today's action and closing print.

Remember to block out the noise and let the levels do the talking. Define your risk.

Editor's Note: Andrew Nyquist is an independent investor based in the Minneapolis area. This article originally appeared on his investing and economics site, See It Market.

Twitter: @andrewnyquist
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos