Dow & S&P 500
The market direction will depend a lot on the non-farm payroll report today. The futures are moving flat now just waiting for this report. However I’ve got a feeling that the report may be bad and we will be going for one more tank before the long awaited bounce into April happens. If the report turns out to be bad, we might just tank to find support maybe at around 656 on the S&P 500 in the first hour of market open. If it turns out to be good, the market will then announce that the “worst” had passed and then bounce will then occur and we might be going up to around 720. According to my analysis, this is not in any case the worst of the year.
Direction for 03/06/2009 Friday: Down
Crude Oil (USO)
Crude and its corresponding ETF, USO have both made higher highs and are poised to break resistance at the high made 2 days ago. Once it break this resistance (45.76 for /CL & 27.8 for USO) we might see oil run up. However today, we might see crude retrace to test support before any bigger movement up.
Direction for 03/06/2009 Friday: Down
Friday, March 6, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment