Wednesday, April 4, 2012

Some weakness...

... but bulls remain in control. Once again SPX moved bellow rising SMA 120 and EMAs are crossing a little bit on hourly chart. However, market found support exactly at the 4 months uptrend line. I don't want to get too enthusiastic about the possibility of seeing a correction here. We had a whipsaw not too long ago so I am very cautious right now. In my country of origin we have a saying "when you get burned by the soup you start blowing in the yogurt".

Tomorrow we are going to have a better picture of the market direction. Another day on the downside, with market plunging bellow the uptrend line is going to be significative. However, if once again we are going to see bulls jumping in the little bearish momentum built today is going to vanish.


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