Tuesday, June 26, 2012 9:52:07 AM
SPX_D From art Hill
Jun 26, 2012 SPX Sets Up Test of 200-day as GLD Recoups Support Break
Stocks moved sharply lower on Monday with an extremely weak opening. The major index ETFs gapped down on the open, drifted lower throughout the morning and then edged off their lows in the afternoon. Even though selling pressure abated in the afternoon, buying pressure was certainly uninspiring and the gaps remained. All sectors were lower with the Finance SPDR (XLF), Technology SPDR (XLK) and Energy SPDR (XLE) falling over 2%. The defensive sectors (XLV, XLP, XLU) held up the best and had the smallest losses. Taking a long-term and institutional perspective, the S&P 500 is setting up for another test of the 200-day moving average in the 1300 area.
Jun 26, 2012 SPX Sets Up Test of 200-day as GLD Recoups Support Break
Stocks moved sharply lower on Monday with an extremely weak opening. The major index ETFs gapped down on the open, drifted lower throughout the morning and then edged off their lows in the afternoon. Even though selling pressure abated in the afternoon, buying pressure was certainly uninspiring and the gaps remained. All sectors were lower with the Finance SPDR (XLF), Technology SPDR (XLK) and Energy SPDR (XLE) falling over 2%. The defensive sectors (XLV, XLP, XLU) held up the best and had the smallest losses. Taking a long-term and institutional perspective, the S&P 500 is setting up for another test of the 200-day moving average in the 1300 area.
CHARTS: TREND AND MOMENTUM
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