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May 14 Market Wrap

Posted on May 14, 2009 by Adam

The S&P remains pegged between two important levels. 900 should serve as a resistance to the upside, and 875 will be the line in the sand for the bulls. Until either of those levels is broken, I don’t want to take a directional stance on this market.

The market traded higher today, but the trend that has lasted for the last two months broke yesterday. Today’s action didn’t do anything to correct this.

The S&P has broken its upward trend. Confirmation of the breakdown will come below 875.

Stay tuned. I’ll be posting tonight about a pretty cool topic.