Thursday, August 27, 2009
Updated Charts: S&P 500 & Crude Oil
The markets are seeing some red today, again I still believe a pullback is coming and the rally is over extended. Yesterday, SeaBreeze Management founder Doug Kass, who called the bottom in March. Release a report on thestreet.com saying this rally has peaked. I agree!
Below I've posted a weekly as well as a daily S&P500 ($SPX) chart and a crude oil chart ($WTIC). I see oil near term pulling back but eventually breaking over resistance of $75 and heading to $90. As for the $SPX my downside target near term is 950/060. But we could stage a rally into the yearend with 1123 as an upside target, as traders chase performance.
*click on charts to expand image