S&P 500 Analysis 3/23/09 March 23, 2009

The following is technical analysis of the S&P 500 for Monday, March 23, 2009

S&P 500 Support & Resistance Levels - March 23, 2009

Resistance Levels: 780, 800, 804

Support Levels: 750, 741, 700, 667

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The S&P 500 has topped out at the major resistance level of 800 and now appears ready to go back to the 10 day moving average currently located at 750. The S&P remains in a downward channel and if you would get a close above 800, the S&P would see further upside.
In addition to support at 750, a close below 741 would be really bad for the S&P 500. 741 was the major low that was broken several weeks ago. After making a new low at 666.79, we closed back over 741 and went back to 800. I personally keep an eye on the 10 day moving average as a sign of strength and weakness. Whenever we are over it, investors buy the dips. Whenever we are below the 10 day, investors sell an rally. For More Technical Analysis - Go Here

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Stock Market Crashes! February 20, 2009 - Again!

The Stock Market is crashing ( Again ) thanks to a failed bank rescue plan by Timothy Geither. The Bank Stocks are absolutely tanking this afternoon, 2/20/09.

Citigroup - C - $1.73 Down 31%
Bank of America - BAC - $2.79 Down 29%
Financial Bear 3X - FAZ - $84.00 Up 19.58%

Gold Price - $1000

Will this be another weekend where the White House scrambles to put some sort of policy decision together?

The S&P must hold 752 on a closing basis and 741 on an intraday basis for the lows to officially hold. The Dow Jones hit 7250 earlier and appears to be headed to 7000. If Timothy Geithner would have came out with a solid banking plan, we would be over 8500 right now. I'm concerned there is no solution or he would have gave us one! Bank Nationalization is the talk of Wall Street right now.

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