Update II SPX 3-28-12

Don't get too excited...

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?):

SPX 3-21-12

I apologize for my absence here over the past few trading days as I know we have like two hits a day and you must be eager for my tutelage....

Anyhow, we are beyond 11am and still red? Is this possible? I guess so, but, probably won't last long as we're only down like 25bps.

Bulls are still very much in control. Bears must break 1400 and then 1398 (yesterdays low) and 1390 (low from 3/14) to have any hopes of any kind of "correction".

SPX 3-8-12 [3PM Update]

Back to the same old game. Rally overnight or sell off overnight, either way, JBTFD by 11am and then lull the bears to sleep for a few hours before a JAM session into close. The next few trading days will tell me a bunch -- is this 2010 redux with stimulus fueling yet another bubble? Or will we actually see some realistic volatility in the market this year? I'm leaning heavily towards the former.