Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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From: Hope Praytochange	2/24/2010 9:14:00 PM
	1 Recommendation Read Replies (1) of 219438

The sudden surge in pessimistic sentiment -- the drop in bullish sentiment in the Investors Intelligence poll and the negative media buzz regarding the market -- should be enough to mark the latest lows in the SPX as a short-term tradable bottom. We expect the SPX will pressure the 1,100 level and its 50-day moving average, located at 1,109. Upon breaking above these two critical short-term resistance levels, the Street will shift into a heavy buying mode. That should power the SPX back to 1,150 and the other major indices to their 2010 highs and beyond. Next week's February employment report should be the next "big" report to provide an overall catalyst for stocks. It has not been uncommon to see the market run higher into these reports during the past six months. We believe that this will likely be the pattern until next Friday

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