Friday, May 1, 2009

Weekly Current Market Conditions 05/01/09 - Free Stock Market Analysis

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

Today the Dow DJIA 8212.41 + 44.29 (+0.54%) and S&P SPX 877.52 +4.71 (+0.54%). SPY traded down at the open to 86.72 and then traded higher to 88.21 the high of the day, and then the bears stepped in pulling the market back down to 87.13. There the SPY found some support at around 87.13, and traded up to a close at 87.89 + 0.47 on the day.

Summery: 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. However be careful the markets are looking toppy here. For long term traders you may buy 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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