ChartsEdge (S&P 500) map for 4/8

Market Map for Apr08

Posted: April 8th, 2009
Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »



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Thanks once again, Mike and ChartsEdge!

Folks - that "bull-bear" battle might be tipping to the bears for now, and we'll see if that is just part of a pullback or turns into something more. If you look back at the S&P 500 charts where I've included the volume-by-price bars, you'll see that there had been a lot of buying back in late January/early February at the levels the index has been testing in recent trading days, so it may be that some players have been using the opportunity to lighten up some of what was purchased there and re-assess. The fact that the banks have weakened off - not having been able to get above those resistance levels we looked at - may have disappointed some. Looks like oil may be a tell, also.

Don't forget the FOMC minutes come out today - difficult to know if they'll provide the opportunity for trading games intraday, but something to be alert for in case it shows up. Happy market navigating!