Wednesday 4-8-09

12:26P.M. We hit a major ambush short at 825 if we break above that it will be very bullish..otherwise the target for it is 791. Also looks like an inverted H&S pattern on the 2584 tick chart, the AS is at the same level of the neckline. Lets see if it is contained or if it rips out...and remember FOMC minutes out today 2:00EST



10:02 A.M. Internals exploding....just look at the chart....not certain we will stay this way...bias still seems down. Anything can happen so stay nimble!I will be watching to see if we hold the pivot and if the $BANKX can break above its previous lows of the day.



8:52A.M Looks like yesterdays high is resistance...watch for a gap fill to 815 area.



7:33A.M. It looks like we may start the New York open on a bullish note...we seem to have crept up to the PP (815.50)and also the ON high. The PP and ON high should serve as resistance but this is a strong showing by the bulls to take it higher. Lets see where we open, and how it plays out. Best of luck today all!



7:21A.M.Looks line in the overnight session we broke out of the bearish rising wedge and bounced back in. Is this a sign that we are going to bounce from here? Who knows!?! The market is dynamic and is always going to do what IT wants...and only sometimes what YOU want it to do. Now it looks as though we are going to make another run at that down trend line from all the way back in October. If we can break through it we should see continued strength. But this pattern is a bearish one and besides being one of my favorite to play it also has a high success rate, just something to keep in mind.