Tuesday, May 5, 2009

SPX - SPY update 05/05/09 - Free Stock Market Analysis

Here is the latest trading and free market analysis video on the SP500 (SPX) and SPY ETF

Today the Dow -16.09 at 8410.65, Nasdaq -9.44 at 1754.12, S&P -3.44 at 903.80
SPY gapped down at the open to 90.62 and then traded lower to the 50ma (on the 10 minute chart) were it found some support at 89.84 the low of the day, and then traded around the 50ma for a better part of the day , and then rallying into close at 90.57 + 0.38 on the day.

Summery: Same Story… This is a day traders market still. SPX/SPY are still trading higher it looks like it is still putting in higher highs and higher lows on the 30 minute chart for now. As long as this bullish pattern continues we can continue to buy the dips and sell the rips. We are at the top of the trading channel here so look for a pull back soon.

However be careful the markets are looking toppy here.

For long term traders you need to wait for pull back on the 30 minute chart before buying the SPY and also buy a protective PUT for insurance to the down side, or limit your risk by buying a bull call spread instead.

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