The market tanked as expected, went past the 800 support and hit the hourly 50 period moving average at around 790 and rallied back up above 800 in the last hour. This indicates that the market is still in an uptrend up to 850. From the looks of it, I do not think the S&P will rally to 900. We are actually in a downtrend and this is a bear market rally.
Quickpost this image to Myspace, Digg, Facebook, and others!It will most probably reverse back into a downtrend after rallying to 850. Anyway we shall see about that in the next few days.
Direction for 03/26/2009 Thursday: Up
Crude Oil (USO)
Crude and USO are finally showing some weakness. We shall see in the next few days whether there are any breakout signals.
Direction for 03/26/2009 Thursday: Sideways
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