Weekly Chart

What do they say?

The Weekly Report For June 22nd – June 26th, 2009

June 21, 2009- Market Summary
Heightened fears of inflation and questions about the economic recovery dominated investor sentiment last week. Given the relatively high commodity prices, specifically those of copper and oil, it hasn’t been a surprise to see many investors start to question whether a short-term top is being reached. (For further reading, check out An Overview Of Commodities Trading)

From a technical standpoint, it is interesting to note that the S&P 500 has been using the 200-day exponential moving average as a resistance level all through June. It will take more time to determine whether the index can cross above, which is what traders will need to see before they bet on a reversal in the long-term downtrend.(To learn more about levels of resistance, be sure to check out the Support And Resistance section of our Technical Analysis Tutorial.)

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