Tuesday, March 30, 2010

Morning Post, SPX, S&P 500

Big news week plus the holidays make for an interesting and daring combination. The minis appear to be wedging up as they climb a support line with little resistance above and multiple support points below. Little pop on the Case-Shiller number.

Economic Calendar - Redbook, Case-Shiller and Consumer Confidence today with ADP and a slew of others tomorrow.(Plenty of BS from the BLS this week)

Pivot Points - Know 'em

SPX 60m -The bears get nothing till that lower trendline cracks. When it does I expect a minimum of 1121 to 1128 as a target. This pattern should be ending, but with this market you never know. We know from the pst below a corrective is in order, but we also know the market can remain overbought for extended periods. There is excessive bullish sentiment. The dollar is trending down. The weeklys appear to be trying to roll over. Stay on your toes is all I can say.