Dow & S&P 500 market analysis
Having rallied in frenzy for the past 2 trading days, I believe the indexes are in for a correction/profit taking today. Futures are pointing down and the news of GM declaring bankruptcy by the 1st of June is indeed very bad for the market.
Today, my first support is at 825 on the S&P. There is also a MACD divergence down on the S&P hourly charts. However the overall trend is still up for now.
Direction for 04/13/2009 Monday: Gap down then up
Crude Oil (USO)
Crude futures are moving down today. Reports of oversupply are weakening the price of crude. However we are still in an uptrend with support at 50.5 for /CL and at around 30 for USO. I expect crude prices to start seeing some strength in the coming weeks.
Direction for 04/13/2009 Monday: Downside consolidation
Monday, April 13, 2009
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