Wednesday, May 1, 2013

Short term market comments - bear wedge patterns

Hello everyone, as you know I haven't posted any new comments since Monday, when I posted details of our powerful S&P 500 mechanical systems, you should check it out if you want a system that tells you when to buy and sell.

Back to the market: as you know the market has basically tested its all time highs once again.  However in the short term I'm watching these intra day charts on the S&P 500, the 30 and 60 min charts appear to have bear wedge patterns (see the first two attached charts), this is what I'm watching closely in the short term should the market decide to start a decent pullback.  The 3rd chart is a 2 hr SPX chart, longer term support is the uptrend line from the November lows.

Otherwise as you know there is a TON of potential market moving news today and the rest of the week.  We have the FOMC meeting later today, tomorrow we have the ECB and there are rumors that Europe may cut rates.  Plus we have the big Jobs Report on Friday.

Let's see how the Market Gods allow this to play out!

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