Wednesday, June 20, 2007

SPX at a Critical Conjuncture (Monthly Pivot)

SPX at a Critical Conjuncture (Monthly Pivot)SocialTwist Tell-a-Friend
Fari Hamzei

Notice in the chart below, that for the last 11 months, only during last March, SP500 Cash Index (SPX) traded below its Monthly Pivot Level (Yellow line). Given the price action today -- we hit a number of air pockets (no buyers during upswings and then followed by massive drops on huge volume) -- the US Market, in our opinion, is ready to crack. Make sure your portfolio reflects a defensive posture going forward for the next 4 to 8 weeks.

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