Dow & S&P 500 market analysis
The market tanked as expected on Friday, hitting the daily pivot support and closing there. Today, we will be in for a bit of bounce. On the hourly charts, S&P is currently sitting on the 50 day moving average and is going to bounce a bit. Whether this follows through will depend on the Existing Home sales and the speech by Timothy Geithner after market open today. But my feeling is that the market may tank after the speech and the week may end down.
Direction for 03/23/2009 Monday: Down
Crude Oil (USO)
Crude did not reverse down due to news late last week.
http://www.forbes.com/feeds/ap/2009/03/20/ap6195780.html
This caused crude to consolidate instead when the indicators are pointing to a reversal. Crude has to retest support in order to continue its rally. I believe crude will start to see strength only after March.
Direction for 03/23/2009 Monday: Down
Monday, March 23, 2009
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