Monday, March 16, 2009

Dow & S&P 500 market analysis for 03/16/2009

Dow & S&P 500 market analysis

The market is on a run now. It should be moving up to meet its 50 day MA at 800 for the S&P 500. We are now moving into the bullish month of April. I’m expecting the indexes to pull back in the morning and then continue to rally to 800 and then break it as we move into April.

Direction for 03/16/2009 Tuesday: Up

Crude Oil (USO)

The 20 day and 50 day moving averages for USO are converging. This indicates that USO will be going through a consolidation phase. We might see a day or two of sideways movement. I’m expecting USO to break up above the 50 day moving average in a few day’s time.

Direction for 03/16/2009 Tuesday: Sideways

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