I wanted to post the long term weekly chart of SPX to get an idea of a longer term level that I think will be reached soon thanks to the Fed. The resistance line at 5/23/08 high at 1440.25 is my near target. We'll have to wait and see if its met, only roughly 2% away.
The market has shown some intraday bearishness but the trendline support from 3/28 post held up and SPX is trading in a sideways channel as in the 30min chart below, we may retest either of the channel lines although the stochastics are overbought and I'm a bit bearish into the open Monday.
There was some interesting action in the treasuries, 20yr treasuries sold off sharpy yesterday, given the negative correlation with SPX this is could be bullish and may have been behind the bounce off the low on Friday. This would be something to keep an eye on tomorrow.
The market has shown some intraday bearishness but the trendline support from 3/28 post held up and SPX is trading in a sideways channel as in the 30min chart below, we may retest either of the channel lines although the stochastics are overbought and I'm a bit bearish into the open Monday.
There was some interesting action in the treasuries, 20yr treasuries sold off sharpy yesterday, given the negative correlation with SPX this is could be bullish and may have been behind the bounce off the low on Friday. This would be something to keep an eye on tomorrow.
No comments:
Post a Comment