The Pressure Builds - G20 Shocker

Saturday, June 5, 2010, 1:10 PM
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Well, what a lousy week in the stock and European bond markets that was.  The S&P recorded its first weekly close below the 50 week moving average (wma) in a year, as viewed on the weekly chart below.

The S&P 500  is also sitting below the 200 day moving average (not shown below) and bounced off it twice from below, once in late May and again on Thursday.  It was soundly rejected both times.  It now seems probable that the rally over the past year was an ordinary bear market rally - albeit a long one fueled by the trillions of dollars in stimulus and thin-air injections - and is over and done.

So the question is, what next?


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