The June Contract of the S&P futures has a mixed technical picture and I wanted to go over each of these attributes on the daily chart.
1) Moving Averages: The 50 and 20 day SMA are at 1308.50 and 1307.25 respectively. Watch these levels for first support and second to see if the 20 day crosses back up through the 50 day which would be a positive sign for the index.
2) RSI: Relative strength currently resides at 51.09 which is the middle to lower end of the range, by way of contrast it was as high as 76.25 on 2/28/11, before the market drop, and was as low as 35.30 on 3/16/11, the recent market low. We never got overbought so if we start to turn up there is room to make a big move up to the 70′s level.
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