Market Monitor Update, Tuesday, 04/21/2009 03:12:09 PM EDT
by Keene H. Little
HAVING TROUBLE PRINTING?
A bounce into the close, if it achieves two equal legs up from this morning's lows by tagging NDX 1338 and SPX 858, will also achieve 62% retracements for each and be a test of the broken uptrend line from March and the bottom of the rising wedge, for NDX and SPX respectively. It would be a good setup for a short play, whether it sets up into the close or first thing tomorrow morning.
NDX 60-min chart:
SPX 60-min chart: