Stock Market Analysis – 04-29-2009
April 29, 2009 at 9:15 pm · Filed Under Broader Market
Today was strong again, despite some bad news with the GDP. So now we’re back at the same line of resistance and it will be interesting to see if we can break through this time or if the bears will keep fighting. In the face of the rally, it’s useful to look at the 50/200 day SMA on the above chart to see just how bad the market really got. Although the market bounced back $200 from the low, the 50 day SMA is still $175 below the 200 day SMA. While we’re going in the right direction now, it should be a sobering reminder to the bulls that we’re still in a long term downtrend.
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