Monday, June 15, 2009

Golden Cross yet to be achived for S&P 500 - Bloomberg

June 15 (Bloomberg) -- The Standard & Poor’s 500 Index may limp on its way toward a so-called golden cross as trading volume decreases, according to a technical analyst at RBC Capital Markets.

The major stock indexes “are back above their 200-day averages, and it’s increasingly tempting to conclude that a new bull market is underway,” Toronto-based Ray Hanson wrote in a report dated June 12. However, the S&P 500 “has not yet achieved a golden cross” and “the steadily declining volume since early May suggests caution,” he said.

Read More at Bloomberg

No comments: