Market Monitor Update, Tuesday, 04/07/2009 02:22:27 PM EDT
by Keene H. Little
HAVING TROUBLE PRINTING?
SPX has bounced off the uptrend line from March 9th through the April 1st low, currently just above 814. This might be all the pullback we're going to see. It still takes a rally back above yesterday afternoon's high near 837 to confirm the end of the pullback but be on guard for it. Obviously a break down below the uptrend line would be more immediately bearish and would keep alive the potential to break below the March 30th low. I've changed the downside projection based on a slightly different wave count for the move up and it points towards 774.68 for the target. The bulls need to defend today's low now.
SPX 60-min chart:
I've got to head off to the dentist so I'll check back in after the close to see what is setting up for tomorrow.