Again the market defied my market analysis and the divergence in the hourly MACD and tanked all the way around an hour after market open and closed down for the day. The way the S&P 500 failed the 20 SMA (blue line) shows that the market is not ready for a bounce yet.
Quickpost this image to Myspace, Digg, Facebook, and others!Today, I believe that if the S&P 500 fails to break up above 699.38, then it may tank and make a new low. However we may be close to a possible bottom.
Direction for 03/10/2009 Tuesday: Down
Crude Oil (USO)
Crude (/CL) gapped up above resistance at 46.9 early yesterday and trended up the whole day after market close. Both Crude and USO are in a confirmed uptrend today.
Direction for 03/10/2009 Tuesday: Up
No comments:
Post a Comment