Kamis, 19 Maret 2009

Technical Picture - Minor Profit Taking

Commodities and commodity related plays logged in solid gains on the back of a weak $USD. Financials, on the other hand, submitted to profit takers, undercutting the broader market from start to finish. Tomorrow is options expiration, but in this kind of market environment, it may not be as choppy as usual.

I've added the open interest (CPC) as an indicator on the SPX chart to save from posting two separate charts. Extreme bullish reading of 65 retraced but still in bullish zone.

Financials hit with some profit taking after a 60% surge off of the lows. Watching to see if the R-zone of the most recent reaction high/low will hold as support.

Bearish dark cloud cover on the daily.

$USD getting crushed but support from trendline and rising 200 SMA will be coming into play near term.

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