Market Still Holding Last Week’s Lows

The dollar is only up slightly today (+0.1%) so still hovering right at tits 50 day moving average, but obviously equity markets are struggling thus far. Yesterday I said bears would like to see last week’s lows broken. It appears that level is 1329.17 on the S&P 500. If the market closes below that level, we might be set up for a “fill the gap” episode down in the 1310s from mid April. We also have support of the 50 day moving average at 1326 so an interesting junction.

Whatever the case, it’s certainly not easy going for the bulls like it was for most of the period since late August 2010. The dead cat bounces and then hectic drops in the beta commodities like oil and silver also surely trapped some of the dip buyers who almost never seen that strategy fail anymore. Copper remains an issue – only up half a cent today.

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

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