Thursday, May 7, 2009

Probably A Good Level To Lighten The Load

Just looking at the S&P 1000.

Hit a high of 3317 today (a 49% bounce from the March 6 low of 2225). The last time it hit that level was November 5th (and that was at the top of a significant bounce from the Oct 28 low of 2727).

Technically resistance would appear to be around 3308 (the 200 day MA). But eyeballing it, I would say a level closer to 3350-3400 is more like it, given that it reflects the new level from the early October cascade.

In the big scheme of things, 3300+ is probably not a bad level to take profit.

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