Dow & S&P 500 market analysis
The S&P tanked throughout the week after breaking the 50 day MA. However we are now looking at a possible retracement to test resistance at around the 890-900 region if this tank is to be sustainable. This should be sometime next week. In the short term (1-2 months), I’m expecting S&P to rally to the 890-900 region and then tank to around 840. Longer term, I expect S&P to test the Feb 09 bottom by the end of the year.
Direction for 07/10/2009 Friday: Up
Crude Oil (USO)
I believe Crude had hit support at 59.60. It should consolidate for a few days before rallying up to test resistance at 62.20. This should take 2-3 weeks. Longer term, I believe crude should tank. The current level at 60+ is fundamentally unsustainable.
Direction for 07/10/2009 Friday: Up
Friday, July 10, 2009
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