Tuesday, February 22, 2011

Morning weakness...

... but don't get too enthusiastic since market is very strong on long term. This may be a good opportunity for bears to make some cash but they need to be very fast if bulls decide to buy this dip again. SPX slipped bellow EMA 50 this morning something I didn't see in the last 3 weeks.

Today's market move looks bearish so far with market dropping 17 points at the open, moved up 10 points then dropped  12 points, just a little bit bellow the morning low.

For the bearish momentum to continue it's important that we are not going to see even a mini-rally towards the close.

1:03 pm, bulls are hiding, market lost another 7 points and is getting closer to SMA 120

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