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Thursday, March 28, 2013

Daily update 3/28

The pattern maintains with an up day today.  Here is the SPX daily chart.

SPX made a new all time high close today.  It is still about 7 points below its intraday high from 2007.  It also closed just about right on the upper red trend line.  Volume increased today for the first time in a while on an up day.  The big question now is will the alternating pattern keep repeating.  Every Monday but one this year has been down.  Historically the day after Easter is often down.  That is three good reasons for a down Monday.  Will the market be able to fight all that off and extend today's gains?  Now that the quarter is over, will there be a temptation by some people to take some profits?  SPX is still in the confines of a potential double top pattern so what happens here in the next few days is important.  The 1538 level is still the key on the down side.  Lets zoom in to the SSO 195 minute chart.

SSO stopped right about the lower price channel trend line.  If price is going to creep up the underside of those trend lines we are in for a snooze fest rally, LOL. 

Of the indexes I watch during the day the utilities ended the day with the biggest gain and the Russell 2000 had the smallest gain.  That is not exactly a wildly risk on kind of day.  TLT pulled back a bit today into yesterday's big gap up, but it is still above its 50 SMA.  Will the market push higher or turn back down?  I am pretty suspicious that the bulls are not fully in control yet, but we will see. 


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