• Stocks performed well at the end of the month and the followed through at the start of this month has also been positive. The S&P 500 is approaching the 200 day moving average which now comes in at 928. A rally through there cannot be written off though it is worth pointing out that the channel top on the medium term chart comes in at 935.
• Note also that the rally seen last spring also breached the 200 day moving average for one day and failed to close above there on May 19th 2008. It is worth watching this resistance area around 930 –935 on a close basis.
S&p 500
Linear Mode
