Dow & S&P 500 market analysis
The indexes ended as a doji last night. I will be looking for a bearish candle today to confirm the downtrend. After rallying so much in April, I’m expecting May to end flat with support at 800 and resistance at 900. Today, I’m expecting a down day with support at 850.
Direction for 05/01/2009 Friday: Down
Crude Oil (USO)
There is a price divergences between crude and USO. Something’s got to give. However I believe USO should be going to test previous low at 23 before any reliable long term rally up.
Direction for 05/01/2009 Friday: Down
Thursday, April 30, 2009
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