Thursday, June 17, 2010
Max Pain pointing S&P 500 lower? and ChartsEdge forecast commentary for 6/17
A few days ago we noted via tweets (which also feed here, to the right) that "max pain" shown by the Max Pain calculator site in the sites llisted at right, was pointing toward SPY (the S&P 500 tracking ETF) at $108, with implications for the S&P 500 to retest its 1090 level. If yyou've been following the analysts featured here, including Mike Korell's ChartsEdge and (separately) Andre Gratian), you have been prepared for the rally wwe've been seeing ... Not to mention the euro bounce I've been posting about which has been a great "tell". Now we'll see if max pain finally exerts some gravitational pull, if only to get the SPX retesting the 1100-to-1105 area though 1090 remains possible... So let's remain careful out there - happy market navigating!
And thanks once again to Mike Korell for sharing his forecast commentary for today at his webpage at http://www.chartsedge.com/wp/
=============Mike Korell | Filed under: One-Day Market Map | No Comments »