Tuesday, February 27, 2007

S&P Also Breaks Its 50 DMA

But thus far 50 day on the S&P has been breached by a small amount. I still think the burden is on the bears to close the market below these 50 day moving average marks - otherwise we're talking garden variety pullback. Even better than a close above the 50 day for the bulls would be a rebound late this afternoon above the 1440 level which is the bottom end of the recent upward trading channel.

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