The 50 day moving average has been an important repellant to rally attempts on the S&P 500, and this week proved another episode where the Bears held off the Bulls as the index approached this important technical supply hurdle.
Market psychology changed from "bullish about suddenly profitable banks and the Fed pulling out the big guns to battle the downturn" to "If the Fed is taking such strong measures, how bad is this economy and what does that bode for corporate earnings?"
Be careful out there...
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