Market Recap: 3/28/2012

 Well one day move on Bernanke's statement all nearly wiped out two days later. So here are some thinks I'm looking at. The daily chart below shows long somewhat of a longer trendline support.

The pink line from the Nov 25, 2011 low shows the Santa rally when we thought the market was about to take a turn for the worse. The Fed came to the rescue. Now two days ago when we thought the market had run its course a bit yet again Ben B talked easing. And while we're at it, the dip 3/6 was again supported by another Feb chief calling QE4,5,6 ... So that's really whats been driving the markets. We see a similar long term trendline support on the ES mini, and clear bounce off the support line.

Over the last few days we've definitely seen an inclination to move lower and only dragged higher. The chart above is the hourly candles. The short term trendline support makes for a rising wedge which I'll be watching tomorrow. If the trendline breaks we could move to retest the 3/23 support near 1389. But that seems a bit too drastic, especially given the overall bullish moves (not to mean fundamentals IMHO)