$SPY Testing May 2008 Downtrend, Technical Views From Strategists

SPY and $ES_F (S&P E-Mini June Future) pierced through ceiling resistance and are now about to test the mother downtrend starting at May 2008. A break through of this trend would be very bullish. A break down would be bearish. The GM/Chrysler bankruptcy news is behind us (hopefully runs smoothly) so this summer should get interesting, place your bets. I provided charts of $SPY and $ESM9 (S&P future) via INO.com. Also technical views on the market from CNBC.com videos.

ING Technical Analyst Roelof van den Akker: USD will move higher, Dow will top out at 9,000 and correct to 7,500.



 Byron Wien of Pequot Capital: Market not giving opportunity to get in, S&P to 1,000.



David Rosenberg: Chief Economist Gluskin, Sheff Assoc (called recession Jan '08) on Fast Money says based on technicals the rally can continue but could peak and roll over late summer, early fall period. Also Zero Hedge has his recent report.



SPY Testing Mother Downtrend (3 Year Chart)

SPY Testing Mother Downtrend (2 Year Chart)


$ESM9 (S&P June E-Mini Future) 1 year (ino.com)