Friday, April 5, 2013

pause that refreshes

The bearish setup that I posted earlier appears to be failing. If the /es closes the hour above 1542, then a move up to 1549 will be a high probability. If/After that happens I expect selling to overcome buying again.

Here is a possible alternative channel that could drive market direction lower in the coming days. 1549, possibly 1555 are the high end of where this bounce can go.

SPX chart supports this theory as well

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