Tuesday, April 6, 2010

Morning Post, SPX, S&P 500

464. FOUR HUNDRED AND SIXTY FOUR stocks in the S&P 500 are above their 50ma. This means nothing really. There are 500, so I guess the only thing it means to Bernanke and Wall St. is that they need to work harder. Dow 11,000 is a breath away.

Pivot Points

Economic Calendar - Quiet today but some action tomorrow.

60m SPX - If somehow the divergence lines can hold the bears have a chance. The dailys have turned north and are not nearly as bearish as they were last week and remain overbought.  The weeklys have reached topping levels again and are close to a possible turn. On the monthly chart ROC has taken a nose dive and some others are sort of toppy. IMO this formation has to correct soon. 1170 now looks like a light year away. Let's see it get thru that and then we can talk about something larget. GL today.