Wednesday, April 28, 2010

Another Retest of Yesterday's Lows

As opined this morning they should of never opened up the market today. It could of just been marked up the traditional 0.5%+ in premarket and never opened and everyone would have been happy. Err...

Also as opined, they did "mark it" right up to the 20 day moving average, almost to the nose. The question is what from there? V shaped run back to old highs immediately as has been the case over and over (and over... and over)? Or a stall. It seems to be stall for now.

If the S&P can break below yesterday's lows, I'd be interested in pressing new index shorts as technically it would be bearish. Obviously the 2:15 PM FOMC announcement causes some trickery, but really I can't see them changing one thing. (it's a shame rates are at zilch, or Ben could of done an emergency rate cut today since the market should not be down 2 days in a row) But until then we are in a very tight range of 1183 to 1193. Obviously any close below the latter number would be the 2nd day below the 20 day moving average. And then we can see futures up tomorrow to try to right that again ;)


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