If you don't believe that the 20ema is support look at the daily chart. This entire rally has been supported by the 20ema.
Thursday, May 28, 2009
All over the place
The market was all over the place today. SPX had a quick drop down and quickly bounced up, again at the level where it bounced was at the 20ema and 60 Min trendline. There is still support via buying in the market.
Tomorrow is the end of the month, what will June bring. This chart is looking kind of bullish as of today, STOCH cross and MACD turning upwards.
