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Feb. 11, 2009, 6:41 p.m. EST

In focus: Trading range still unresolved

Plus: NKE, GIGM

By Lawrence G. McMillan & David Nassar

Last week, we said that the Standard & Poor's 500 Index /zigman2/quotes/210599714/realtime SPX +0.06% had locked down into a trading range, and that statement is still true. The support at 805-810 is still holding, and there is now clear resistance at 870-880 after two rallies failed at that level. We do expect a breakout -- probably sooner rather than later -- but it could go in either direction in this news-oriented market.

The equity-only put-call ratios rolled over to buy signals this week, and that was a bit of a surprise. However, $SPX did not "agree" as the market sold off sharply when new Treasury Secretary Timothy Geithner basically said nothing during hours of televised testimony.

/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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