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Wednesday, April 04, 2012

The Bulls Are Hanging On

The day may seem dire, but the bulls are hanging on just fine so far.

Here's the 60 minute chart of SPY. It's bouncing off the projected lower channel line.

Granted, on the daily, the green 4 month trend line is broken, but so far the 20 day EMA is still holding.  On the other hand, IWM, the small cap ETF, is the first to lose it's 20 day MA so far.  2 more hours to go.  Let's wait and see.  Would today be another bear trap?!   Easter Holiday is only two days away, can the market be allowed to go down into the holiday?  Unless Christian holidays don't count, one would expect a bounce by tomorrow.

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