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Thursday, May 21, 2009

Watch S&P 875 closely

So the markets finally lose momentum and come down , now 880/875 area is good support and we should bounce there , at least a bit. But if that level breaks on a closing basis, its looks like the next support is way below .
Now it might not go to 875 in a hurry, first support is of course 900. But the sooner it goes there the better the bounce imho.
The semi's ( etf- SMH ) have been looking strong , but if they fall on heavy volume , that will be not good for TECH in general.
Good Luck.

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