Since the market roared yesterday, making SPX 1090 look like support with the move over 1097 and touching toward the 1104 that Andre Gratian (and maybe some others) identified, it may be a swing buy signal - and today's movement will be important if only to show whether it can edge a positive close on the day. It isn't often that we see a definitive signal emerge from a Friday, but then again we've got the new month, new money possibilities for next week. Toward the end of June we'll be wondering if the window dressing phenomenon will kick in. For now, we'll also have to look at whether we're going to get strong resistance around 1104, 1110, 1120, 1130, and whether both the euro and the SPX made convincing bottoms ... Or this is a counter-trend rally before lower Fibonacci retracements are tested. Anyway ... just my comments - now let's turn to Mike Korell's ChartsEdge, and see what he posted for today at his webpage at http://www.chartsedge.com/wp/:
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Pattern Recognition
Posted: May 28th, 2010 | Author: Mike Korell | Filed under: One-Day Market Map | No Comments »
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