Some technical damage today with a decent size selloff and no bounce off the lows. After the FOMC minutes and Europe bond sale. I think what was interesting today was that the longer term trendline from Nov ( 3/28 post ) was retested and somewhat broken. Thats a bearish sign and if that breaks we will have some sharp moves lower but not so sure that happens yet. First its a short week with a holiday on Friday, usually day before is seasonally bullish. Also, if you look at the 30m chart below we have channel support that has held near close, so the uptrend is intact.
As of writing this, Asia is trading lower so we'll have to see how Europe does overnight, we might just drag sideways in indecision too. Short term support from 2/29/2012 is at 1378 about 20pts below close today so thats to keep an eye out for.
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