Friday, June 5, 2009

SPG -- short opportunity to 51 or lower ?

SPG like many REITs has been a good, volatile trading vehicle.
Looking at Daily and Weekly charts, daily seems to suggest failure at 200 MA, with a downside target of 51.58 the 20 MA.
The Weekly 50 MA at $61 + seems out of reach; the 5 MA at 51.26 had been touched every week since early March, but not this week. I think maybe next week we will see SPG at least re-test that area. The 20 MA at 42.82 seems out of reach for now as well.
Conclusion: A test of the low 50's; upper 40's seems likely, particularly if we get any sort of pullback in the market.

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