Monday, May 21, 2012

S&P 500 ~ EOD Update 2 ~ 21 May 2012

I mentioned in this post that most medium-term lows were followed by a strong rally. Today's rally was quite strong so 1292 could be a medium-term low.

One up day is not enough though. As you can see in the chart below the strong rallies lasted several days. So, to confirm 1292 being a medium-term low, we need a continuation of today's move for the rest of this and probably next week.