Futures Higher On Public-Private Treasury Plan

March 23rd, 2009

Good Morning all! Last week the market rallied into and out of the FOMC meeting but then sold off Thursday and Friday as I had been expecting pretty much all week. The 800 level on the S&P proved to be a tough level to overcome.  Besides the resistance levels coming into play on all the daily charts other internal indicators I typically follow were at very over-bought levels that have typically led to weakness.

 

Heading into this new week, I am still looking for a little more of a pull-back. But there will be no such weakness today. Althought the futures have pulled back from their highs, the markets are up over 2% across the board. Below is the S&P intra-day targets. We have a thin area between 806 and 827. I don’t think that the 806 level would be a good area to go short just yet. We really want to let this hype run its course and then jump in shorting. Still, members and I do have some longs which will continue to show profits during this rally. Be back later today!

 

spx14

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