Quick post
We had our EoQ rally to save the day, but the rally ran out of steam at the 920 rejection point. Tomorrow's open could be a gap up or gap down depending on how european markets go as well as the knee jerk reaction to the ADP news in the morning. Based on the setup we should get a slight gap down of a few points to start the ball rolling. However, given the bullish close in the futures on volume and the fact that it is holiday weekend, we may have further rally attempt that should fail under SPX 925. Any breach of SPX 930, means we are off to the races to much higher levels. Downside confirmation is when SPX 912 is broken with volume. Any low volume break lends itself to a spring setup that should take us back to the 920 area once again. Expect choppy action on low volume until everything resolves by next Monday.
Tuesday, June 30, 2009
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