Wednesday, May 1, 2013

Market Close and follow up to my morning post

I hope you paid attention to my post from this morning before the market opened, I showed how the S&P 500 had very clear bear wedge patterns on their 30, 60, and 15 min charts, and those are beginning to play out as the market had a nice correction today, here's a URL to the post.  Today the SPX closed right on the 9 day EMA and that's short term support, we'll see what happens tomorrow, but clearly the bear wedge patterns on the short term chart were something to take heed of.

Tomorrow we have the ECB, and Friday of course the 'manipulated' Jobs report will be release 1 hr before the market opens.

It's also May 1st, can we get a sell in May effect?

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