Stock Market Analysis - 06-18-2008

June 18, 2008 · Filed Under Broader Market 

SPY Daily Chart

More banking weakness and oil worries sunk the market again.  I was getting tired of drawing the same channel, so even though it still exists I went back to drawing the other line that’s been significant over the year.  Combining the two makes you realize how strong the resistance in the 137.5 to 140 range is, so I wouldn’t count on the market surging above that any time soon.  We’re starting to close in on the fed meeting so look for that to start weighing on the markets.

Comments

Leave a Reply