Minis as I noted this am on the 30 and 60m (not to mention the dailys) do not look good at all. They held the top TL resistance as expected and are battling support now. 93 is the target if they let go.
On the other hand, cash does not look all that bad with the 30m just now bull crossing. The 15m is pretty toppy and the 10m is rolling over. The completed 61.8% retracement of the fall from 1214 says some sort of corrective is due.
Put the two together and is sounds like a B or 2 wave and nothing larger. I'll throw out updates. I hope everyone got that nice short pop this am in FAZ and the others. A little pop here thru lunch to set some divergences would be an added bonus.
Hell, this thing could spike to 1400, all I'm sayin in that the set up is there on the minis and the 10m is close.
Bernanke at 11:00 may move the market. GL.
Daily SPX - See the dashed blue top wedge resistance line?
See it again here? Just saying it is in play I believe at these levels. The green line is the backtest of the busted support line from the February lows. The black diagonal just above near 1208 is the march top resistance line. So this is a double backtest point with resistance above. Market does not have the ass to push it thru here I believe. If it does break thru here it would be super strong. That red diagonal is the March support line. See the divergence on the 10m RSI? Let the MACDaddy cross and we should get B or 2 or worse. It may be pulling back here to get a stronger run to get thru all that resistance I pointed out. Who the heck knows these days.
This is another look from the feb lows.Looking at this chart you see why I like a retracement to the 50 to 42 range if it would just let go. That blue dashed line is the bull correctives support line.
