Wednesday, March 31, 2010

Morning Post, SPX, S&P 500

Jobs, schmobs - the real issue is 24 Hours Until The End Of MBS Purchases By The Fed; Then What? I'd say they are going to shut down the presses for some much needed rest, maintenance and to let the glowing red hot machinery cool down for another run in a month or two. Bye bye QE. Let the games begin. 

Economic Calendar - ADP disappoints, PMI, factory orders and petroleum later this morning.

Pivot Points - Know 'em.

Minis dropped 5 on the ADP news and have reached a support line I have at 1163 off of the 3/15 low. If that cracks next stop is 55. The quarter is over. Statements have been printed.

SPX 60m - Same chart as yesterday, but it is the best I got right now. 30m and 60m drifting south with the dailys falling as well. The weeklys had the F Sto whipsaw at the top, but are possibly getting a S Sto bear cross as we speak. For the bears, hopefully these trends can not be reversed and the long overdue sell off continues with even more strength.
Dollar - trending down and set a lower low overnight. It should be at some sort of support here, but if not there is a support line near 80.5.
Oil - Spiking this am. Nearing resistance line just above 84. 86.5 should be the max if it continues to run.
NG- I think it is turning for a pop. (stupid I know, but someone had to be the village idiot every now and then)
Gold - Stuck under a resistance line. It may churn up but that's it. 
EUR/USD - At resistance fighting to hold support at the 61.8% fib off of the great rise. We all should expect nothing but continued weakness till the euro exists no longer.

I blogged on Focal Equity last night - Can This Be A Near Term Bottom For UNG?

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