The SPX hourly chart made a classic pattern as we count day 9 setup and made a hourly 13 at the double bottom point an overdue technical bounce started as some shorts might cover as we can see by financials rising the most (clear indication of short covering). Well we still need to dip below 740 but today's NEW Moon supports a little bounce for 1-3 days before downtrend finishes the leg. Even the DOW stands at daily 12 counts and both are in week 12. Expect some follow through tomorrow to the upside. Month end is special as we head for end of quarter for Banks and they might get involved in some window dressing action this week - lets see how that plays out but next week is rather a downweek again.
Tuesday, February 24, 2009
SPX tech update
The SPX hourly chart made a classic pattern as we count day 9 setup and made a hourly 13 at the double bottom point an overdue technical bounce started as some shorts might cover as we can see by financials rising the most (clear indication of short covering). Well we still need to dip below 740 but today's NEW Moon supports a little bounce for 1-3 days before downtrend finishes the leg. Even the DOW stands at daily 12 counts and both are in week 12. Expect some follow through tomorrow to the upside. Month end is special as we head for end of quarter for Banks and they might get involved in some window dressing action this week - lets see how that plays out but next week is rather a downweek again.
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