Friday, May 24, 2013

SPY May 24 2013 Memorial Day Weekend

SPY May 24 2013

Futures did their little re-test of the Thursday lows, as we thought they might, but that level held like a champion. Since it did not break, that was a signal to go long for those who were watching.

Futures ramped into the close - lots of disappointed Bears covering, no doubt. The forecast is still sunny, with scattered clouds, mild rainfall and new highs in the 10-day extended forecast.

Below, as a bonus for those who follow this blog, is a look at the 4-hour futures chart with a 20-period moving average. Note how nicely it rides that band, up and down. If we get a crossover on Tuesday, as looks likely, that is a time to go long if you aren't already.

Futures 4-hour chart May 24 2013

The storm has passed, it appears. Futures re-open at 5 p.m. CST Sunday.

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