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SPX Weekly 6.09.13

Posted by StockBuz on June 9, 2013 at 4:39pm
While there's definitely been profit taking in utilities, REITs, etc., other sectors stepped up to the plate sending SPX still higher. SPX bounced off the 13wk SMA (50d) and daily it *appears* the market wants grind higher. Just how much higher who knows. The majority here still feel we'll see $1800 before the next bear market. I'm sure the bears will step in trying at Fridays high near the 20d and then again at the 2013 high of $1687. Still the channels indicate we could push even higher than that and remain within it's boundaries. ADX shows a +D cross, a sign that strength is waning but if you notice when it occurred in 2012, the market held up for weeks b4 rolling over. A close below the 13wk would not be a good thing. Then I would look at the lower BB for support or the 200d on a daily chart.

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