Lots and lots of action. Which way will the wind blow these fragile markets today? From what I see this range bound churn is doing nothing but crating confusion and further dividing the bulls and bears. Just like the 52wk high/low and other discrepancies confirming the Hindenburg Omen (for like the 6th time), so are the calls of all the chartists. There are near term calls from 940 to 1140 with a lot like me looking both up and down simply waiting on clarity and trend to return.
With Bernanke speaking at 9:00 there is no telling what knee-jerk reaction the markets will have. Normally I would sat the predictive powers of TA would lead us to be able to predict the result of his speech. These days, my confidence wanes in any predictive power of the charts beyond a 30m time frame.
Economic Calendar - Jobless Claims Come At 472K On Expectations Of 475K, Previous At 473K, Non Farm Productivity Misses Expectations Factory and home sales at 10 and natgas at 10:30. It all goes down at 8:30 tomorrow morning with employment report (which I think is worthless on two fronts 1) it is manipulated as hell and 2) until we seriously crack the 500k barrier on a weekly basis it will be a non event (remember when 300k was a really big deal?).
SPX 60m - The black wedge I have been warning about for a while appears to have ended in a non typical triple bottom at 1040 support. So, was that bottom B or 1? Will this correct to the 1100 level or run to another triple top near 1130?
GL out there!