S&P did a nice upward move throughout the whole day only to fail in the last 2 hours. It closed below my lower MOBO band. This indicates that the downward momentum is still strong. The February lows of 1050 are still holding for now. As long as this low is not breached, a bounce is still possible.
As of now, overnight futures have rallied by over 20 points on the S&P. S&P has to close above 1080 soon otherwise we might be going through a few more days of weakness before a rally occurs. I still believe that the downtrend should end by Friday this week. Hence the market would have to close and hold above 1080 by end of the week.
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