Understanding of the importance of the market and the economy will lead to profitable trades. Stay up to date with our RSS ne cheap nfl jerseys ws and live trend Tradermongers.com! Wednesday, S & P 500 Stock Index PivotsOn United States strongly supports the philosophy sale May All major indexes were for the day, exacerbated by the debt crisis, the European oil spill in the Gulf, and the recent accident of 1000 points in the Dow Jones. Commodities a shock, such as copper and gold falls loses its luster, which fell $ 21.00 in the previous trading day. products of this essential film reflects the growing risk of deflation, so the bond means and discourage spending. Yesterday was the FOMC minutes, a concept to remain until the economic recovery is growing actively.
Gold hit a record price in dollars of $1,249 last week. Gold imports have been increasing in India prior to April and May as they prepare for a million wedding ceremonies to be held during that time period. Crude oil is finding similar wear as it is trading around $71 a barrel with the stronger dollar reaching near six-month lows, ahead of the summer driving season. According to the editor of the Gartman letter, Dennis Gartman stated that crude oil is falling 25% faster than gold.
The S&P 500 index on the 5 minute chart shows a downward trend on Wednesday trading below Tuesday's low of 1117. The S&P 500 is also trading below the 200 and 144 day Fibonacci moving averages of 1120 and 1118, respectively.
We have told our readers before the S&P 500 is currently undergoing a correction. The seasonal trading strategy of ‘Sell in May and go away' is currently strong. On the daily chart of the S&P 500 we are currently trading below the January 2010 support level of 1121. Expect the S&P 500 to find resistance breaking between 1117 and 1120 area as it is below the January 2010 pivot level of 1121. Use the summary of technical levels below as guidelines for trading.
The market volatility index (VIX) measures option activity within the market and is widely used tracking the S&P 500. Increasing volatility implies pessimism within the market and stocks sell off as traders and investors are seeking protection for their assets instead of risks. Traders and investors are retreating from the markets and finding safety and protection within the dollar. Currently the VIX is above the 144 and 200 day moving averages on the daily chart. As long as we stay above this level expect pessimism as we approach the slow summer months.
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