Russell 2000 and S&P 500 Analysis for June 5, 2007
Thursday, June 7th, 2007

Path of least resistance: Up. IWM is near new all-time highs.
Major Price Points: The $80.50 area is support from the April 11th,12th, May 1st and 16th lows. $82 is support from an up trendline and the 50-day moving average. A break below this would be bearish. $85 is a new all-time high.
Minor Price Points: A 3-day downtrend should provide resistance at around $83.75.


Path of least resistance: Up, SPY is near new highs.
Major Price Points: SPY is supported below $150.
Minor Price Points: $154.50 is a new high. The 50-day moving average is at around $149. A 3-day downtrend should provide resistance at around $152.75
Worth noting: A 3-month uptrend line was broken recently with volume, which is a sign of weakness. SPY sold off yesterday with higher volume and finally closed below its 20-day moving average.
General Sentiment: The trend is up.




































