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Thursday, March 21, 2013

Daily update 3/21

Today was kind of a mirror image of yesterday.  The bears sold the gap up yesterday, and the bulls bought the gap down today.  Here is the daily SPX chart.

We ended up with a new low close for the current pullback.  SPX is still above its 18 SMA.  The bulls are putting up a fight.  That is good for bulls if they win, otherwise it is food for bears.  Lets zoom in to the SSO 195 minute chart.

The dip buyers have formed a support line the last few days.  It looks like that level was resistance briefly in the circled price area.  I don't believe that is going to hold for long.  Here is the TLT daily chart.

This chart is looking more and more like a bottom.  If that is the case it would make it more likely stocks are starting a more serious move down rather then a short lived pullback.  Investors have been dreaming of a world that does not exist.  Reality may be taking hold here.  Earnings can easily put a big damper on things.


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