- Technical Market Commentary -

June 4, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Both the S&P 500 Index (SPX) and its tracking ETF the S&P Deposit Receipts (NYSE: SPY) continued to gain ground but have not been able to close above their 200-day moving averages.

The 200-day average is, for many, the dividing line between bear market and bull market. Even with Wednesday’s huge rally followed by gains again on Thursday, this average has not yet been surpassed.

There is little doubt the SPX and SPY have found support at their May 25 lows. Since that date the markets have moved generally higher. But resistance levels are the confirmation signals needed to confirm advances.

The SPX needs to make a decisive close above 1106.26 and the SPY needs to close above 110.83 to confirm this advance. This is only one indicator to be sure and no indicator is right all the time, but right now the 200-day average is important.

(Go to http://www.financialwire.net/?s=frank+kollar to see more commentaries by Frank Kollar.)

The FirstAlert(tm) Events Calendar showcases ALTI, CBAK, LDK at the Credit Suisse Future of Energy Conference; The American Society of Clinical Oncology (ASCO) 2010 Annual Meeting; CSCO, HUM, PCS, ABT at the Sanford C. Bernstein Strategic Decisions Conference; GG at the Goldman Sachs Basic Materials Conference; ONXX, ARRY, CELG, LLY at the American Society of Clinical Oncology (ASCO) 2010 Annual Meeting (ASCO) 2010 Annual Meeting.

Quote of the Day: "By all means marry; if you get a good wife, you'll be happy. If you get a bad one, you'll become a philosopher." –Socrates (06/04/0470 – 05/07/399 BC), Greek philosopher

Today is: Doughnut (or Donut) Day

Happy Birthday: 1966 – Vladimir Voevodsky, Russian mathematician; 1971 – Shōji Meguro, Japanese composer; 1975 – Angelina Jolie, American actress; 1980 – François Beauchemin, Canadian ice hockey player.

Today in History: 1919 – Women's rights: The U.S. Congress approves the 19th Amendment to the United States Constitution, which guarantees suffrage to women, and sends it to the U.S. states for ratification; 1973 – A patent for the ATM is granted to Donald Wetzel, Tom Barnes and George Chastain; 1989 – The Tiananmen Square protests are violently ended in Beijing by the People's Liberation Army.

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