Here is the chart of the S&P cash index that I posted earlier on Twitpic. The market rallied well this morning, but has formed a declining wedge that looks ready to break down -- in fact, after hours the futures have penetrated the May 5th lows. This may target the gap at 1312.62 tomorrow.
Barring a complete breakdown, I'm still looking for spots to get long. If the rally from the 2009 lows is truly over, it will be apparent soon.
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