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Monday, April 30, 2012

SPX update 4/30

April is now in the rear view mirror, what now.  The last two years the old adage sell in May and go away has been the thing to do.  Will that repeat or will it be different this time?  I don't know the answer to that question yet. We are in a short term rally, it remains to be seen how long it lasts.  Here is the latest 195 minute chart.

The low today was 1394 which was fairly close to my green support line around 1393.  The market spent all day scraping along the low that was made in the first 30 minutes and bounced going into the close.  That keeps the short term uptrend in place for now. 


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