Friday, October 29, 2010

S&P ends month at critical level

I normally don't look at monthly charts as the weekly charts cover sufficient time span, but I decided to look at the monthly S&P chart right now to see how the market fared in October. Well, I am glad I did so as it turns out the index finished the month at a rather level. S&P closed right below the monthly MA(50). Where did the April rally meet its end? Right at the monthly MA(50)! Its also interesting to note that MA(20) has provided support throughout this rally. Guess it won't hurt to look at the monthly charts a bit more often from now on!

Here is my strategy for the week ahead which should be quite exciting due to the elections and QE2 announcement.

Take care and good luck!

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