Dow & S&P 500 market analysis
The Dow and S&P 500 futures trended up throughout the whole night and is now at the pivot resistance and is showing MACD divergence. This means that the indexes are due for a retracement down. As I’ve said last night, if S&P 500 fails to break above 712, we might be going for a lower low. I believe we will be going back down to test this support today.
Direction for 04/03/2009 Wednesday: Gap up then down
Crude Oil (USO)
Crude rallied overnight and broke pivot resistance. If it fails to come back down to below 43.6 (for /CL for TOS charts), we might be going for 46 and above. This is around 28 for USO.
Direction for 04/03/2009 Wednesday: Up
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