Dow & S&P
My indicators suggest a bounce for the indexes. 700 on the S&P is a very important support level and with McClellan so low now at -290, the probability of a bounce is very likely now. This bounce should be a big one and bring the S&P up to around the 800 region.
But if the S&P fails to break above 721 soon, the downtrend may still continue and we may be seeing the high 500s soon.
Direction for 03/03/2009 Tuesday: Gap up and up
Crude Oil (USO)
USO should be going up to test 20 day MA soon. March is a bullish month for crude and USO so I believe USO may be bottoming out from its long long downtrend soon.
Direction for 03/03/2009 Tuesday: Up
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