Thursday, June 7, 2007
Current S&P 500 Correction (June 7, 2007)
The US Stock Market seems to be in correction mode. The S&P 500 Index, through the $SPX index, appears to be just above the 50 day moving average. The way the index has behaved, I wouldn't be surprised if the stocks go below the 50 day moving average.
Some support zones:
1487: 50 day moving average.
1476: 38.2% Retracement (using Fibonacci Grid)
1457: 50% Retracement (using Fibonacci Grid)
I would not be surprised if the "correction" tests some of these levels and bounce at least once off one of these resistance levels.
(I used the tools at StockCharts.com )