S&P 500 slips under 50 day sma

Friday, April 11, 2008

S&P 500 slips under 50 day sma

Noted in the 11:03 update that although the S&P 500 and Russell 200 had held at their 50 day sma (1342, 695) during the morning decline (Nasdaq 100/Comp held above weekly low), the rebound attempt was not aggressive suggesting that the short term selling pressure had not run its course. Have thus far seen only a minor new low for the S&P (1340.22) but unless it can sustain a push back above 1344/1345 during the current push off the low it is expected to remain vulnerable to further pressure. Next minor support is at 1337 followed by 1334/1333.