Daily update

SPX broke the lower trend line early in the day.  However, the bulls showed up at 1300 to save the day.  Here is the 130 min. chart.

The afternoon rally went back and got above the trend line for a little while.  However, price could not hold it.  Check out the 60 min. chart.

The trend lines and 50 SMA all came together at the same point this afternoon.  The last bar on the chart got above the entire complex, but was rejected on big volume.  The bulls put up a fight today, but in the end it looks like the bears won.  Unless we get a blow out employment report tomorrow it is likely the market has started another leg down.

Bob