There's news that the Fed head, Bernanke is saying the recession is "very likely over". Hurrah! Feel better now? Whatever cycle bottomed today was very short-term, as the SPX's poke over 1048 yesterday helped it get past the low quickly this morning and chop on up to a new high right by another Fibonacci magnet of 1053. This may well bring it to 1060/1061, a level readers will also remember. Of course, it was aided again by another drop in the US dollar, so if that's how "Helicopter Ben" Bernanke defines the recession being over, then there you go! All action that fits with what we've been showing, so we almost don't care what the "news" is.
Below are charts, you can see the SPX is not only testing a Fibonacci line at about 1053, but also its 89-week exponential moving average. I've also added charts of the dollar, gold, and for grins, Citigroup:
Here's Citigroup (C) - I used to consider it a "C"anary in the coal mine, but of course it hasn't been doing as well:
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