Kenneth Reid's blog
The S&P has managed to surpass its 200 ema on the hourly chart (912) and is now testing it from above. At this time the test is looking successful, but it is the close today that matters. A close above 912 in the index suggests a continuation of the rally into tomorrow, at the very least. Full Article
The S&P 500 has now reached our intraday target of 912. Active traders may wish to take some chips off the table here.
This morning the S&P tested support at yesterday's gap-up opening and it held well. That key area is 896, which is now a technical line in the sand. Above it, the market is bullish; below it, watch out.
A test of yesterday’s target at 912 is likely. A close above 910 today would suggest the bounce may morph into an end-of-quarter rally.
The bulls failed just short of the lower end of our 912-917 target range in the S&P 500, topping out at 910.85. The action at the end of the day was uninspiring. The Fed did not give any sign it would increase its Treasury purchases, so the dollar rallied and so did our TBT position in PRO, recouping all of yesterday’s losses. The Fed’s purchases of Treasuries helps keep interest rates low. Full Article
The market is reacting poorly to the FOMC announcement and is testing the opening breakout gap. While a surprise end-of-day rally is not out of the question, the bulls need to make a stand right around here (S&P 897).
After spending much of the morning trading near its highs, the S&P 500 is taking a breather ahead of the report from the FOMC meeting. We expect our 912-917 target to be reached after the FOMC announcement at 2:15 ET. In other words, our bias is to buy this dip or simply stay long for a ride higher. Full Article
We are getting the expected bounce to the hourly 200-ma area in the S&P 500. The target zone is 912-917.
Breadth is quite positive, with most S&P sectors participating. Many of the industries that have been sold the hardest are up the most: financials, commodities, fertilizers, shippers, solar, gold and China-related names. Full Article
The world is likely to be suffering aftershocks from the credit crisis for a number of years. If, at the same time, the economies of the West also face an eruption of Islamic fundamentalist militancy throughout the Middle East, this would create a perfectly disruptive storm Full Article
Click here to read about my recent Market Call and chart Full Article
Our 886 target for this week in the S&P 500 was almost reached on Monday. Selling was fairly intense, however, especially in commodities and financials, so a sharp reversal may not be possible. Full Article
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