As we noted in our commentary from the morning of 4/29/09, the equity market may be nearing its next leg to the upside, we did in fact get a signal to go long later that morning for both the DJ and the S&P 500.
The DJ (basis June contract) has major resistance in the 8290 to 8350 area. If this resistance area should be broken, than the next resistance area is 8600 to 8660 range. Once the market reaches this range, we could be setting up for a major consolidation to occur. On the downside, there is minor support in the 8160 to 8140 area. The next major support area is 8050 to 7990.
The S&P 500 (basis June contract) also received a buy signal on 4/29/09. The next resistance area is 890 to 905. If this range is broken than the next major resistance area would be 945 to 980. This range could be a turning point for the market to consolidate, if it hasn't started consolidating before reaching the 945 980 range. On the downside there is support in the 870 area. If the market breaks below 870, the next major support area is 865 to 850. And a very strong support area around 830.
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