The collision of global markets and social mood

Monday, April 16, 2012

A Key Day

In Friday's post,  I said below 1374.71 would confirm we were headed lower.  Technically that was wrong.  To confirm that the rally from 1357.38 is only three waves, the number is 1367.07.  That still remains unbroken, although the overnight session did trade below that equivalent level and subsequently bounced.  There are still plenty of options for the market even if 1367.07 fails.  But doing so would merely suggest a larger corrective pattern before heading lower, possibly much lower.  If it doesn't fail, 1388.13 could be the target for a re-test and possibly higher to the 1400 area.  So today will be a key day for my trading week.

Today also looks like it will be key for severe weather along the route I had intended to travel.  A band of very heavy thunderstorms is moving towards the Florida panhandle.  Maybe I putter around a bit longer in the Tampa area.

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