Support Line Break: 1250 on the S&P 500 Is Next

by | Jun 27, 2011 | Stock Market Comments

Weekly Commentary for June 14, 2011

Currently the S&P 500 resides at 1270.  The next support line break would be at 1250, which also is the low reached back in March.

The March low (ALL charts) has been our red flag area all along. So we’ll be watching for 1250 on the S&P 500.

It is no coincidence the 200 day moving average of the S&P 500 — one of THE most important indicators for many, many MANY market watchers, also happens to be at — what a shock — 1253.

If you are relying on a blog post for specific investment advice, you are making a huge mistake. Please speak with an investment adviser before making ANY investment decisions.

If you do not have an investment adviser, we encourage you to contact Mullooly Asset Management at 732-223-9000, or through our website.

Under no circumstances should the content discussed on this post be considered specific investment advice.

There is a TON of noise swirling around the markets now… Greece, jobs, debt limits, inflation, stagflation, the end of QE2…producer price reports,retail sales reports, and more.

Noise.   All noise.

Listen, the economy will do whatEVAH it is going to do, we have no control over that.   Don’t worry about things we cannot control.

The ONLY things that should matter to us is price.  And every day the market is open, people cast “votes” on stocks, bonds, the economy.  All we need to know are things like price, and the trend.   The rest is just noise.

1250 on the S&P.  That’s the takeaway for today.