Dow & S&P 500 market analysis
Tuesday rallied as expected but it was a bit overdone. I expect the indexes to consolidate and move more or less flat in the morning before the Fed releases the FOMC statement at 2.15pm Eastern Standard time. Which direction the market goes after that will depend on the contents of the statement but I suspect that it should tank the market a bit. However we are still in a bear market rally and will continue to be unless the S&P break down below 730.
Direction for 03/18/2009 Wednesday: down
Crude Oil (USO)
USO broke up above its 50 day moving average. This means that USO or crude is now in an uptrend. I believe USO should rally to around 52. However today, USO has to tank to test support at 28.5 before this rally could become sustainable.
Direction for 03/18/2009 Wednesday: Down then up
Wednesday, March 18, 2009
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