Midday Chart Update 5/14/09

The trends of the markets have turned lower over the last week and now they are experiencing another rally, but with declining 5 day moving averages the long side should only be considered trades.

The Qs and the IWM  are approachingprior support which has the potential to slow the momentum.

The SPY and XLF are still above their trendlines.  The levels of prior resistance (8800 in SPY and 1115-130 in XLF) held on the first test, the next time they come down to these levels could be more serious.