Price(SPY 81) and its EMA(50) continue to act as support. I don't have any faith in what tomorrow will bring but will be hoping for more of a pullback as today seemed a little weak.
TWO MUST READS by the way:
Smart Money Tracker
Slope of Hope
Here is another chart to give additional perspective to the bear market rallies of 2008/2009, with regards to magnitude and time. Also, notice how long it took in some cases to make new lows from the previous lows. For example, a 'bottom' was put in place exactly one year ago (3/17/08) and it took 79 trading days to revisit those levels. Just something to keep in mind.
SPY
Thursday, March 19, 2009
More on Bear Market Rallies
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