The Moment of Truth: Can the Bulls Pull Through?
Posted on: April 12, 2009 - Email Article - Printable Version
Taking a look at the S&P, you can see that we are gaining ground on a rather strong looking uptrend. We have had two significantly health pullbacks since the March bottom. We are now approaching the moment of truth resistance at around 877. If we are able to break through this resistance, we will not encounter new resistance until the 950 level and then 1000. This could be the recovery that Wall Street so desperately needs. However, if this resistance holds we are looking at possibly returning to the March lows.
-Justin DiPietro
Disclaimer: The author holds far out of the money puts on SPX.
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The Following Stocks Were Mentioned In This Article: SPY
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