Thursday, March 22, 2012

SPX 3-22-12

Lackluster news out of China and Europe overnight but, another decent jobs report out of the US has us sitting slightly red at around 8:45am eastern.

All I have to say is that the bears cannot fail here. Everything has aligned --- gap through 1400 support, metals/energy/AAPL down, DX up, even RSI/MACD look more overbought than oversold which is very atypical for mornings of late.

The gap MUST hold.

Based on triangle formed with the last three trading days:

Bearish target: 1390 SPX

Bullish target (if gap should fail): 1420 SPX

Chart at the moment (looks like a little bear flag but will we get some selling to break down?):

No comments:

Post a Comment