May 29, 2009 (FinancialWire) (By Frank Kollar) — The S&P 500 SPDRs (NYSE: SPY) rallied right to a declining resistance line before closing on Thursday, May 28, at $90.92. The SPDRs have moved sideways for the past three weeks, but with declining intra-day highs that currently place resistance at $91.00 and a well defined support level at $88.50.

This leaves little room for the SPDRs to move before they break out above resistance or below support. Whichever way they go will likely lead to follow-through for the next several trading days at least, and possibly longer. If we do move lower, initial strong support should be found around SPX 848 which is the 50-day moving average for this big cap index (for the SPY the 50-day moving is at about $85.00).

(Disclosure: The http://www.fibtimer.com ETF Strategy has a position in the S&P 500 SPDRs.)

The Investrend Earnings Calendar features Frontline (NYSE: FRO), expected at $0.70 versus $2.46 a year ago; Graham (AMEX: GHM), expected at $0.27 versus $0.42 a year ago; Tiffany & Co. (NYSE: TIF), expected at $0.20 versus $0.50 a year ago. The market will also be watching the Investrend Money Index Most Actives

The Investrend Economics Calendar lists Gross Domestic Product (GDP) for Q1 (8:30 a.m.), Corporate Profits for Q1 (8:30 a.m.), Chicago PMI for May (9:45 a.m.), U. of Michigan Consumer Sentiment Index for May (9:55 a.m.), Farm Prices for May (3 p.m.).

The Investrend Events Calendar showcases AA, AMP, MET, SYY at Sanford C. Bernstein & Co. Strategic Decisions Conference; AMGN, CYCC, ISIS, BMY at American Society of Clinical Oncology Annual Meeting; LOW 2009 Annual Shareholders Meeting.

The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session’s trading showed 41 advancers versus eight decliners and one unchanged. Advancers were led by Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI) up 23.26%, Exelixis, Inc. (NASDAQ: EXEL) up 18.85%, Palm, Inc. (NASDAQ: PALM) up 8.83%, Us Nat Gas Fd Etf (NYSE: UNG) up 8.67%, DryShips Inc. (NASDAQ: DRYS) up 7.35%, Financial Bull 3x (NYSE: FAS) up 7.13%. Decliners followed Financial Bear 3x (NYSE: FAZ) down 7.96%.

Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).

Investrend Website of the Day: http://www.unclebucksstable.com/Welcome.html

Quote of the Day: “Poets have been mysteriously silent on the subject of cheese.” G. K. Chesterton

Today is: Oak Apple Day in the United Kingdom.

Happy Birthday: Charles II of England, Patrick Henry, G. K. Chesterton, Max Brand, Bob Hope, Tenzing Norgay, John Fitzgerald Kennedy, Al Unser, Annette Bening, Rupert Everett.

Today in History: Ottoman armies under Sultan Mehmed II Fatih captured Constantinople after a siege in 1453, ending the Byzantine Empire and with it the Roman Empire. Charles II was restored to the throne of Great Britain on his birthday in 1660. Treaty of Middle Plantation in 1677 established peace between the Virginia colonists and the local Indians. Peter II became Tsar of Russia in 1727. Rhode Island became the last of the original United States colonies to ratify the Constitution and was admitted as the 13th U.S. state in 1790. Wisconsin was admitted in 1848 as the 30th U.S. state. Chemist John Pemberton placed his first advertisement for Coca-Cola in 1886 in the Atlanta Journal. Einstein’s theory of general relativity was tested in 1919 by Arthur Eddington’s observation of a total solar eclipse in Principe and by Andrew Crommelin in Sobral, Ceará, Brazil. Construction of Hoover Dam was completed in 1935. Sir Edmund Hillary and Sherpa Tenzing Norgay were the first people to reach the Manchester United won the European Cup in 1968, the first English Club to do so.

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